Hanwha Ocean and Hyundai E&C form offshore wind partnership

In a significant move to enhance South Korea’s offshore wind supply chain, Hanwha Ocean has partnered with Hyundai Engineering & Construction (E&C) to collaborate on Engineering, Procurement, and Construction (EPC) projects. This partnership marks the beginning of their joint efforts on the Shinan Ui offshore wind farm, a project set to break ground in October 2024.

Strategic Roles and Local Infrastructure Development

The memorandum of understanding between Hanwha Ocean and Hyundai E&C outlines clear roles for both companies. Hanwha Ocean will take charge of offshore installations, ensuring that the wind farm is built efficiently and effectively, while Hyundai E&C will focus on managing the onshore construction aspects. This division of labor is anticipated to create synergies that will bolster the overall project execution.

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In addition to their collaborative efforts, Hanwha Ocean is set to localize crucial infrastructure by constructing its own Wind Turbine Installation Vessel (WTIV). This self-built vessel will have the capacity to install 15MW offshore wind turbines at the Shinan Ui site, with operations expected to commence in the first half of 2028. The introduction of this WTIV will not only enhance installation capabilities but also contribute to the growth of local manufacturing and expertise in offshore wind technology.

The Shinan Ui offshore wind project, spearheaded by Hanwha Ocean, is on track to secure financing and initiate construction in October. Hyundai E&C will play a pivotal role as both a construction investor and co-contractor. Currently, the two companies are jointly pursuing seven offshore wind projects and have committed to utilizing Hanwha Ocean’s WTIV in future domestic offshore wind initiatives, signaling a robust partnership aimed at advancing South Korea’s renewable energy landscape.