South Korea: Corio joins hands with Daewoo E&C in Busan
Global offshore wind developer Corio Generation and Daewoo Engineering and Construction (Daewoo E&C), a leading South Korean engineering and construction company, have announced the signing of a memorandum of understanding (MOU).
Through the agreement, signed on 17 May 2023, the two companies intend to develop offshore wind projects in support of the South Korean government’s aim to promote renewable energy and respond to climate change.
Pictured (left to right): Woojin Choi, Head of Korea at Corio Generation, Jungwon Baek, President and CEO of Daewoo E&C, Jonathan Cole, CEO of Corio Generation, Seung-il Cho, COO and Executive Vice President of Daewoo E&C.
Under the MOU, Corio and Daewoo E&C have agreed to explore collaboration opportunities in developing fixed-bottom offshore wind projects. This covers all three projects - Gijang, Cheongsapo and Dadaepo - in Corio’s portfolio in Busan, with the potential for pursuing further opportunities across the Asia-Pacific region.
Corio will be responsible for project development, investments and project management while Daewoo E&C will provide engineering, procurement and construction (EPC) support under the agreement.
The signing ceremony at Daewoo E&C’s office in Jung-gu, Seoul, was attended by executives of both companies, including Jung Wan Baek (CEO of Daewoo E&C), Seung-il Cho (Director of Daewoo E&C’s plant project division), Jonathan Cole (CEO of Corio Generation) and Woo Jin Choi (Head of Korea of Corio Generation).
At the ceremony, Woo Jin Choi, Head of Korea at Corio Generation, commented: “We are delighted to team up with Daewoo E&C in developing offshore windfarms in Busan, Korea. Both companies are aligned in the belief that offshore wind power is critical in the energy transition and achieving carbon neutrality. Through this MOU, we will actively strive towards the growth of renewable energy, both domestically and globally, by maximising our mutual synergy and leveraging our respective expertise and resources.”
The agreement is the latest example of Corio building a team of locally based partners to jointly develop offshore wind projects in Busan, Korea and beyond. Earlier this year, in March 2023, Corio also signed an MOU with SK Oceanplant, a major Korean manufacturer, to supply offshore substations and substructures for projects in South Korea and other markets across Asia-Pacific.
Across South Korea, Corio Generation is developing almost 3 GW of offshore wind through its Busan and BadaEnergy portfolios. The separate BadaEnergy portfolio, developed jointly with TotalEnergies and SK Ecoplant, comprises both floating and fixed-bottom wind farms off the coast of Ulsan and South Jeolla province, including the 1.5GW Gray Whale projects, one of the world’s largest floating offshore wind developments.
Pictured (left to right): Woojin Choi, Head of Korea at Corio Generation, with Jungwon Baek, President and CEO of Daewoo E&C.
About Corio Generation
Corio Generation is a specialist offshore wind business dedicated to harnessing renewable energy worldwide. With a unique blend of sector-leading expertise and deep access to long-term capital, we work closely with our partners in the creation and management of projects from origination, development and construction, and into operations.
Corio has one of the world’s largest offshore wind project pipelines with more than 30GW in development across Europe, Asia-Pacific and the Americas. Our project portfolio spans established and emerging markets, as well as floating and fixed-foundation technologies. These next generation offshore wind projects will help form the backbone of the net-zero global energy system while meeting the energy needs of communities and corporate offtakers sustainably, reliably, safely and responsibly.
Corio Generation is a portfolio company of Macquarie Asset Management operating on a standalone basis. For more information visit coriogeneration.com and follow us on Twitter @CorioGeneration