Hyundai Engineering & Construction (Hyundai E&C) has signed a Memorandum of Understanding (MOU) to collaborate with Hanwha Ocean held at Seoul. The initiative aims on developing domestic offshore wind power projects and advancing carbon neutrality efforts.
The signing ceremony was attended by head officials from both companies, including CEO Lee Han-woo of Hyundai Engineering & Construction and CEO of Hanwha Ocean Heechul Kim.
The agreement will promise Dae E&C for comprehensive cooperation with Hanwha Ocean in the entire offshore wind power project. The companies will work together in construction and equity in their own projects as well as bidding projects, and maximize the outcome and competitiveness of the offshore wind farm construction by jointly utilizing Hanwha Ocean's Wind Turbine Installation Vessel (WTIV).
Similarly, Hyundai Engineering & Construction has advance technology and construction performance in the offshore wind power field by successfully completing the first offshore wind power demonstration complex in Korea, the Southwest Sea Coast Wind Power Demonstration Complex, and the Jeju Hallim Offshore Wind Power Project, which boasts the largest scale in Korea.
Through this collaboration the companies will bring world-class technology and abundant business experience, planned to cooperate in various fields, including expanding the offshore wind power market, revitalizing the local economy, and creating jobs.
- Key pointers of the agreement were as following:
- The participation will offer offshore wind farm construction, financing, and bidding projects.
- Hyundai E&C offers construction leadership with experience in projects like the Southwest Sea Coast Wind Power Demonstration Complex and the Jeju Hallim Offshore Wind Power Project; meanwhile Hanwha Ocean contributes substantial marine engineering capabilities.
- To enhance competitiveness and productivity in the offshore wind sector with efficient utilization of Hanwha Ocean’s Wind Turbine Installation Vessel (WTIV).
Executive Statement
According to a Hyundai Engineering & Construction official, the two leading Korean companies joined forces, expect the signing of the memorandum of understanding to further strengthen the competitiveness of both companies in the eco-friendly energy market. Hyundai Engineering & Construction will actively seek various new and renewable energy business opportunities such as solar and hydrogen in addition to offshore wind power for a sustainable future, while expanding its influence in the next-generation energy sector, including SMR, to take the lead in transforming the energy market at home and abroad.
