Signing of Business Agreement for Offshore Wind Power and Green Hydrogen
Hyundai Engineering & Construction is partnering with Europe’s largest energy company to expand its renewable energy power generation business.
On the 14th, at Hyundai Engineering & Construction's Gyedong Building in Jongno-gu, Seoul, Yoon Young-jun, President of Hyundai Engineering & Construction (left), and Sven Uterm?ller, CEO of RWE, took a commemorative photo after signing a business agreement on joint development cooperation for offshore wind power generation and green hydrogen projects. [Photo by Hyundai Engineering & Construction]
On the 15th, Hyundai Engineering & Construction announced that on the 14th, it signed a strategic business agreement (MOU) for the ‘Joint Development of Offshore Wind Power and Green Hydrogen Projects’ with RWE Offshore Wind GmbH (hereinafter RWE) at Hyundai Engineering & Construction’s headquarters located in Gye-dong, Jongno-gu, Seoul.
Through this agreement, both companies plan to closely cooperate on ▲joint development of domestic offshore wind power projects ▲mutual participation opportunities in projects currently under development by both parties ▲exploration of new energy businesses including green hydrogen.
Since becoming the first domestic construction company to participate in the construction of the Seo Namhae offshore wind demonstration complex, Hyundai Engineering & Construction has strengthened its business capabilities through various projects, including carrying out the entire scope of the Jeju Hallim offshore wind project from business development to equity investment and EPC (engineering, procurement, and construction).
RWE, established in Germany in 1898, is a global energy company with a portfolio of power generation projects including wind, hydro, solar, and biomass. It aims to expand its power generation portfolio to 50GW by 2030 and achieve carbon neutrality by 2040, investing more than 50 billion euros (approximately 70 trillion KRW) worldwide in renewable energy and related technology development.
In particular, RWE is a world-leading company with over 20 years of experience in the development, construction, and operation of offshore wind power plants. It currently operates 19 offshore wind farms in five countries worldwide and is conducting additional development projects.
Building on this agreement, the two companies will cooperate on joint development of domestic offshore wind power projects and further expand their scope to the global market.
Yoon Young-joon, President of Hyundai Engineering & Construction, said, “We expect the mutual cooperation between RWE, a global leader in renewable energy, and Hyundai Engineering & Construction to be an innovative step that meets the demands of the era of energy transition. Through a long-term partnership, we will create business opportunities and develop sustainable energy solutions to lead the next generation energy transition.”
Sven Uterm?ller, CEO of RWE, said, “Hyundai Engineering & Construction and RWE are the strongest partners sharing the values and goals of green energy growth, and this agreement will be a major catalyst to promote the global energy transition.”
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