Launch of Shinan Ui Offshore Wind Project, Establishing EPC Partnership
Deployment of Hanwha Ocean-Built WTIV, Strengthening Energy Security
Future Domestic Offshore Wind Projects to Feature Joint Participation in 'K-Model'
Hanwha Ocean (CEO Kim Heechul) is partnering with Hyundai Engineering & Construction (CEO Lee Hanwoo) to strengthen the domestic offshore wind power industry supply chain.
On August 19, the two companies signed a memorandum of understanding (MOU) for cooperation in the domestic offshore wind power business at the Hanwha Building in Janggyo-dong, Seoul. Through this MOU, the companies agreed to establish an EPC (Engineering, Procurement, and Construction) partnership for domestic offshore wind power projects, starting with the Shinan Ui offshore wind project. The agreement also includes Hanwha Ocean directly constructing a Wind Turbine Installation Vessel (WTIV), thereby contributing to the localization of key components in the supply chain.
In December 2024, Hanwha Ocean acquired the wind power business from Hanwha Corporation’s construction division, securing offshore wind power business permits for projects such as Shinan Ui, totaling 2GW in capacity. This has positioned the company as a developer and EPC contractor with both development and construction capabilities. The company’s accumulated expertise in WTIV construction is considered a key asset that will contribute to the localization of the core supply chain and enhance the competitiveness of the offshore wind power industry.
On the 19th, at the Hanwha Building in Janggyo-dong, Seoul, Lee Hanwoo, CEO of Hyundai Engineering & Construction (fifth from the left), and Kim Heechul, CEO of Hanwha Ocean (sixth from the left), along with other company officials, posed for a commemorative photo after signing a memorandum of understanding for cooperation in the domestic offshore wind power business.
Hyundai Engineering & Construction is a leading domestic offshore wind EPC company, with technical expertise and experience gained from completing the country’s first offshore wind farm, the Southwest Demonstration Complex, as well as the Jeju Hallim Offshore Wind Power Project.
The Shinan Ui offshore wind project, promoted by Hanwha Ocean, is scheduled to finalize its financial agreement and begin construction in October this year, with Hyundai Engineering & Construction participating as both a construction investor and a joint contractor.
Hanwha Ocean plans to directly build a WTIV capable of installing large 15MW-class offshore wind turbines and deploy it to the site in the first half of 2028. This vessel is expected to be the largest WTIV operated in domestic offshore wind projects. The main supply chain, including the production and installation of substructures, subsea cables, and offshore substations, will also be composed of domestic companies.
On this day, the two companies agreed to jointly participate in future domestic offshore wind power projects in a manner similar to the Shinan Ui project. They also decided that Hyundai Engineering & Construction will utilize the WTIV built by Hanwha Ocean for its own offshore wind projects.
Currently, vessels operated in China are being reflagged and deployed at domestic offshore wind power construction sites. Some project operators are actively promoting plans to introduce WTIVs currently being built at Chinese shipyards into the domestic market, putting the domestic offshore wind power supply chain at risk.
In this context, the signing of the MOU between the two companies is expected to have the effect of proactively strengthening energy security by localizing the core supply chain of the offshore wind power business at the private sector level. In addition to wind power, solar power-another leading renewable energy source-has seen the domestic supply chain severely impacted by a surge of lower-priced overseas products.
Kim Heechul, CEO of Hanwha Ocean, emphasized, "Strengthening the supply chain from the early stages is essential to safeguard the domestic offshore wind power market. Through our partnership, we will maximize technological synergy and establish a stable foundation for the supply of clean energy."
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