RWE and Hyundai Engineering & Construction (Hyundai E&C), a subsidiary of South Korea’s Hyundai Motor Group, have signed a memorandum of understanding (MoU) to cooperate in the field of offshore wind and green hydrogen.
The partners said they will work together to jointly develop offshore wind projects in South Korea in line with the country’s Net Zero 2050 target and the government’s plan to increase renewable energy capacity to 108.3 GW by 2036, thereof 34.1 GW of wind capacity of which 24 GW are expected to be offshore wind.
Hyundai and RWE also plan to explore jointly offshore wind business opportunities on a global scale.
“The world is now at a critical crossroads in the energy transition. I expect our collaboration with global leader RWE to be a remarkable step in meeting the demands of the times. We will continue to develop sustainable energy solutions to lead the domestic offshore wind industry and create new business opportunities in the renewable energy sector through the long-term partnership with RWE,” said Young-joon Yoon , CEO of Hyundai E&C.
In addition, subject to favorable market conditions, the two partners plan to combine Hyundai’s hydrogen experience from its first South Korean electrolysis plant for hydrogen production with RWE’s hydrogen knowledge from various projects along the entire value chain for future green hydrogen projects.
“Korea is one of the most attractive markets for the development of offshore wind and green hydrogen. In Hyundai E&C we have a strong partner at our side who shares our values and ambition to drive the growth of green energy,” said Sven Utermöhlen , CEO of RWE Offshore Wind.
Currently, RWE operates 19 offshore wind farms with a pro-rata installed offshore capacity of about 3.3 GW in five countries.
The company has currently two offshore wind farms, the 1.1 GW Thor in Denmark and the 1.4 GW Sofia in the UK, under construction, and further projects in development worldwide.