Woori Technology Signs Renewable Energy Business Agreement with STI... "Accelerating Offshore Wind Power Projects"

[Asia Economy Reporter Hyunseok Yoo] Woori Technology is accelerating renewable energy projects such as offshore wind power by signing a business agreement to expand renewable energy projects with an energy specialist company holding cash assets worth 1 trillion KRW.

Woori Technology and its subsidiary CGO announced on the 26th that they have signed a business agreement with the energy specialist company 'ST International Corporation (STI)' to jointly expand renewable energy projects, including onshore and offshore wind power generation.

STI, established in 1962, has been engaged in domestic and international resource development and currently operates the Yeongyang-Yeongdeok Wind Power Plant (100MW) and the Vietnam Offshore Wind Power Plant (140MW). CGO is a specialized company in the construction of onshore and offshore wind power plants, installation of subsea cables and pipelines, and other marine structures, which Woori Technology incorporated as a subsidiary last year.

Through this agreement, STI will be responsible for investment, financial arrangement, and operation management of renewable energy projects based on its abundant investment experience and operational capabilities in wind power projects. Woori Technology will provide control and monitoring systems based on its proprietary control and instrumentation technology and will be in charge of the construction and operation of offshore wind installation vessels.

Subsidiary CGO will be responsible for construction and maintenance of renewable energy projects and the design and construction of offshore wind installation vessels, leveraging its domestic offshore wind construction experience such as the Jeju Tamna Offshore Wind Power Plant (30MW scale).

A Woori Technology official said, “As the global decarbonization trend accelerates, investment in renewable energy projects such as onshore and offshore wind power is intensifying. Based on the experience and know-how each company possesses, we will stand out not only in the domestic offshore wind market but also in global markets including Vietnam.”

He added, “In particular, STI’s financial strength is solid, with current assets amounting to 1.4 trillion KRW as of the end of last year’s financial statements. Through this business agreement, we will build a close cooperative relationship to expand the business not only in onshore and offshore wind power generation but also across the entire renewable energy sector.”