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KNOC and Equinor Sign MOU for Commercial Floating Wind Farm

Stavanger, Norway - Korea National Oil Corporation (KNOC) and Equinor ASA have signed a Memorandum of Understanding to jointly explore the opportunities to develop commercial floating offshore wind in South Korea.

South Korea is pursuing a fundamental transition in the energy mix from nuclear and coal, to renewable energy. The proportion of renewable energy in power generation is set to increase to 20% by 2030; which translates to a target of 49GW of new renewable generation capacity by 2030.

KNOC is 100% owned by the South Korean state and has a mandate to ensure South Korea’s energy security. Supporting the South Korean Government’s ambition of renewable energy, KNOC is launching a new business by developing floating offshore wind, building on their offshore development experiences. KNOC is looking to develop a 200 MW floating offshore wind project at their existing Donghae platform 58 km off the coast of Ulsan City.

Equinor is engaged in developing large-scale wind projects offshore the UK, Germany, Poland and the US with Asia a key future market. The company is operating the world’s first full scale commercial floating offshore wind farm off the coast of the UK (Hywind Scotland). In the UK, Equinor operates two large scale offshore wind farms based on bottom fixed technology (Sheringham Shoal and Dudgeon). In Germany Equinor is engaged in the Arkona windfarm (owned jointly with EON).

“South Korea has large potential and offers attractive opportunities within offshore wind. We are pleased to sign a MoU with KNOC to strengthen our collaboration. We look forward to evaluate how we can further expand our portfolio within offshore wind and contribute to develop renewable energy solutions in South Korea,” says Stephen Bull, senior vice president for Wind and Low Carbon in New Energy Solutions in Equinor.



Source: IWR Online, 20 Feb 2019