Norway’s Equinor is ramping up its South Korea renewable energy investments as it considers a third wind farm project.
Equinor is also in talks with Korean firms to produce wind turbines and cables from scratch for the project. “It’s a chance for Korea to be a prime mover and to build a new industry,” Jacques-Etienne Michel, president of Equinor South Korea, said.
“We are looking to build a portfolio of four to six gigawatts (GW) in Korea and that’s going to support Equinor’s ambition … in energy transition,” Michel said on the sidelines of the 2022 World Gas Conference in Daegu, South Korea.
Equinor plans to make a final investment decision on what would be its first offshore wind farm in South Korea as early as 2024.
The first project is undergoing environmental impact assessment and a final investment decision will be made in 2024 or 2025, Michel said.
Firefly is a planned semi-submersible wind farm spanning 150 square kilometres off the coast of the city of Ulsan.
The 800 megawatt (MW) project, expected to cost several billion dollars and finish commissioning in 2028 or 2029, is wholly owned by Equinor but the company is looking for partners, he said.
Equinor has a second, 200 MW wind farm project offshore from Ulsan, in partnership with state-run Korea National Oil Corporation and local power generator Korea East-West Power.
The project was awarded a licence to generate electricity in November.
The company is also exploring a third project, a 1.5 GW wind farm project in the southwest region of South Korea, Michel said.
- Reuters, with additional editing by George Russell