Building an EPC Partnership Starting with the Shinan Ui Offshore Wind Project
Hanwha Ocean and Hyundai Construction have joined forces to strengthen the supply chain of the domestic offshore wind power industry.
On the 19th, Hanwha Ocean announced that it had signed a memorandum of understanding (MOU) with Hyundai Construction for cooperation in the offshore wind power business at the Hanwha Building in Janggyo-dong, Seoul. Under this agreement, the two companies will establish an offshore wind power EPC (engineering, procurement, and construction) partnership, starting with the Shinan Ui offshore wind project.
On the 19th, Hanwoo Lee, CEO of Hyundai Construction (left), and Heechul Kim, CEO of Hanwha Ocean, are taking a commemorative photo after signing a memorandum of understanding for cooperation in the domestic offshore wind power business at the Hanwha Building in Janggyo-dong, Seoul. Photo by Hanwha Ocean
In line with the agreement, Hanwha Ocean will construct its own offshore wind turbine installation vessel (WTIV) and promote the localization of the domestic offshore wind power supply chain. In December last year, Hanwha Ocean acquired the wind power business from Hanwha Corporation's construction division, securing permits for power generation projects totaling 2GW, including the Shinan Ui project. With this agreement, Hanwha Ocean is now positioned as a developer equipped with both development and construction capabilities.
Based on its experience completing the Southwest Offshore Wind Demonstration Complex and the Jeju Hallim Offshore Wind Complex, Hyundai Construction will participate in the Shinan Ui project as a construction investor and joint contractor. Hanwha Ocean plans to directly build a large 15MW-class WTIV and deploy it to the site in the first half of 2028. This vessel is expected to be the largest WTIV in operation in the domestic offshore wind power sector.
The two companies will also seek ways to jointly participate in future domestic offshore wind power projects, and Hanwha Ocean's WTIVs will be utilized in projects led by Hyundai Construction.
Currently, in domestic offshore wind power construction sites, there have been increasing cases of vessels operated in China being re-registered under the Korean flag or WTIVs built in Chinese shipyards being used. Amid concerns that the domestic offshore wind power supply chain is under threat, the industry expects this agreement to contribute to strengthening energy security by localizing core equipment.
Kim Heechul, CEO of Hanwha Ocean, stated, "Strengthening the supply chain from the early stages is essential for the security of the domestic offshore wind power market," adding, "Through the cooperation between our two companies, we will maximize technological synergy and establish a stable foundation for the supply of clean energy."
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