'1.3 Trillion Won Investment in Korea' UK Offshore Wind Company Corio: "We Will Only Use Made in Korea"

Some Products Including Generators Rated Excellent in Europe and China
Korean Companies Should Establish JVs with Foreign Firms to Produce Domestically
"Locking Doors Unconditionally Will Lead to Obsolescence"

UK offshore wind developer Corio Generation has announced its intention to use only domestically produced equipment for its offshore wind projects in South Korea. For key components such as turbines, the company is pursuing a strategy of establishing joint ventures (JVs) with Korean firms to supply products manufactured domestically.

Choi Woo-jin, Corio Generation's Korea General Manager, told reporters at the Offshore Wind Supply Chain Conference and Exhibition hosted by the Korea Wind Energy Industry Association in Busan on the 17th, "Corio is more Korean than Korean companies," emphasizing this approach.

Corio Generation is an offshore wind specialist company established by Green Investment Group (GIG), a green energy development investment firm headquartered in the UK. It gained attention last November when President Yoon Suk-yeol announced plans to invest $1 billion (approximately 1.3 trillion KRW) in South Korea during his state visit to the UK. One of GIG’s major investors is Macquarie.

Choi explained, "We are currently working on eight offshore wind projects totaling 3GW in South Korea. If these projects proceed smoothly, our combined equity stake will exceed $1 billion," adding, "South Korea, along with the UK, is one of Corio’s most focused markets."

As the domestic offshore wind market is expected to grow to a scale of 100 trillion KRW, concerns are rising over the entry of European and Chinese equipment into the Korean market. Choi emphasized that instead of outright closing the door, it is important to absorb technology through partnerships if those foreign companies are more competitive than Korean firms.

He assessed, "Korean companies are top-tier in towers, substructures, cables, vessels, and offshore substations," but noted, "For some products like generators, Europe and China are 2 to 3 years ahead." He added, "I want to play a role in building bridges for Korean companies to collaborate with European and Chinese firms."

Corio is pursuing a plan to supply some products, such as generators, by having Korean companies form joint ventures with overseas firms to manufacture these products domestically. Choi said, "If we reject foreign products outright, Korean companies will be left behind in the global market," and explained, "If Korean manufacturers with excellent production capabilities partner with foreign companies, it will also be advantageous for targeting the Asia-Pacific market."

Choi Woo-jin, General Manager of Korea at Corio Generation

Corio is developing 1GW of fixed offshore wind and 2GW of floating offshore wind in South Korea. The fastest progressing project is the 96MW Busan Dadaepo offshore wind farm. Corio is also advancing the world’s largest 1.5GW floating offshore wind project in shared waters 60 km from Ulsan, in partnership with SK Ecoplant and TotalEnergies.

Floating offshore wind is being attempted for the first time in South Korea. Choi explained, "The three major domestic shipbuilders?Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries?have extensive experience installing floating structures through overseas deep-sea gas and oil extraction projects, so there are no significant technical issues." Commercial floating offshore wind farms have already been successfully developed overseas in the UK and Europe. Currently, however, rising raw material prices and inflation-driven increases in financing costs are factors slowing the construction pace of floating offshore wind farms.

Corio also serves as a vice-chair company of the Korea Wind Energy Industry Association. The association will co-host the ‘Asia-Pacific Economic Cooperation (APEC) Wind Summit’ with the Global Wind Energy Council (GWEC) in Incheon this November. Choi stated, "Domestic offshore wind companies already have strong global competitiveness and are eager to meet overseas partners," adding, "We will create opportunities to meet foreign investors and buyers to foster collaboration."