[Public Notice+] Woori Technology Acquires Offshore Wind Power Specialist CGO Subsidiary... "Benefiting from Green New Deal"

[Asia Economy Reporter Hyunseok Yoo] Woori Technology is accelerating its offshore wind power business by incorporating CGO, a specialized offshore wind energy company, 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 materialize soon.

Woori Technology announced on the 13th that after acquiring a 22.95% stake (approximately 3.5 billion KRW) in its affiliate CGO last July, it has additionally acquired 28.5% (approximately 4.2 billion KRW). Through this, Woori Technology secured a 51% stake in CGO, becoming the largest shareholder.

CGO was established in 2003 as Korea’s first marine venture company and operates as a renewable energy solutions specialist engaged in offshore and onshore wind power construction, as well as the installation of marine facilities and structures such as subsea cables and subsea pipelines.

So far, CGO has participated in various national research projects to accumulate proprietary technology and holds numerous related patents, including ▲support column adjustment devices for marine structures ▲lifting 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’ (with a capacity of 30MW).

In particular, since July, CGO has been building a 7,000-ton large-scale specialized offshore wind installation vessel required for constructing large offshore wind power complexes. Through this, it plans to domestically produce the ultra-large specialized installation vessel, which has so far been monopolized by a few companies in advanced countries such as Europe, for the first time.

A Woori Technology official said, “We decided to acquire additional shares to further 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.”