Woori Technology "Offshore Wind Power to Grow 100-Fold... Leading with First Domestic Production of Ultra-Large Installation Vessel"

[Asia Economy Reporter Hyungsoo Park] Woori Technology is accelerating its offshore wind power business by incorporating CGO, a company specializing in offshore wind energy, as an affiliate. With the government’s recent ‘Green New Deal’ policy, the offshore wind power market is expected to grow rapidly, and related benefits are anticipated to begin in earnest.

Woori Technology announced on the 13th that it acquired an additional 28.5% stake in CGO, following the purchase of 22.95% of the related company’s shares in July last year. Woori Technology secured 51% of CGO’s shares, becoming the largest shareholder.

CGO was established in 2003 as Korea’s first marine venture company and specializes in renewable energy solutions, including the construction of offshore and onshore wind power plants, installation of marine facilities and structures such as submarine cables and underwater pipelines.

Having participated in various national research projects to accumulate proprietary technology, CGO holds numerous related patents, including ▲support column adjustment devices for marine structures ▲elevating balance decks for marine operations ▲underwater ultrasonic inspection systems.

CGO was the first in Korea to construct marine structures for the commercial offshore wind power complex ‘Tamna Offshore Wind Power’ (30MW scale).

Since July, CGO has been building a 7,000-ton large-scale offshore wind specialized installation vessel required for the construction of large offshore wind power complexes. This vessel will be the first domestically produced ultra-large specialized installation ship, previously monopolized by a few companies in advanced countries such as Europe.

A Woori Technology official said, “We decided to acquire additional shares to maximize the project outcomes that have been progressing through cooperation between the two companies since last year,” adding, “Woori Technology plans to pursue aggressive market expansion through the incorporation of CGO as an affiliate.”

He continued, “According to the government’s ‘Green New Deal’ policy, the scale of domestic offshore wind power is expected to grow about 100 times from 125MW in 2030 to 12GW,” and added, “We will strive to secure a leading position in the offshore wind power market based on Woori Technology’s power generation control and measurement technology and CGO’s experience and know-how in the offshore wind power field.”