This covers all three projects in Corio’s portfolio in Busan, namely the up to 200 MW Gijang, the 40 MW Cheongsapo, and the up to 96 MW Dadaepo offshore wind farms, 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.

“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”, said Woo Jin Choi, Head of Korea at Corio Generation.

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.

The agreement is the latest example of Corio building a team of local partners to jointly develop offshore wind projects in Busan, Korea, and beyond.

In March, the company signed an MoU with SK Oceanplant to supply offshore substations and substructures for projects in South Korea and other markets across Asia-Pacific.

Across South Korea, Corio is developing almost 3 GW of offshore wind through its Busan and BadaEnergy portfolios. The BadaEnergy portfolio, developed jointly with TotalEnergies and SK Ecoplant, comprises both floating and bottom-fixed projects off the coast of Ulsan and South Jeolla province, including the 1.5 GW Grey Whale projects, one of the world’s largest floating offshore wind developments.

When it comes to Daewoo E&C, the company is developing the MSPAR floating wind turbine foundation, together with the Netherlands-based Monobase Wind, which passed the model tests in May last year.