Norway-based power company Equinor has signed a memorandum of understanding with Korea East-West Power (EWP), a subsidiary of South Korean energy firm Korea Electric Power Corporation.

The two companies will work together to develop 3GW of offshore wind capacity in South Korea.

The partnership is intended to support South Korea’s energy transition efforts and offshore wind industry.

South Korea’s government has set a target of installing 60GW of renewable capacity by 2034. This will involve generating around 12GW from offshore wind by 2030.

Equinor Renewables executive vice-president Pål Eitrheim said: “South Korea aims to become one of the leading global markets for offshore wind in the next decade.

“Together with EWP, we are ready to contribute to the country’s plans in the short and long-term.

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“We want to develop the first commercial floating offshore wind farm in South Korea. We have worked with the Korean supply chain for many years and know its qualities and capabilities.

“We see a big potential to leverage our experience in building a new industry together with Korea’s world-class supply chain.”

The agreement with EWP is part of Equinor’s strategy to expedite its growth in the renewable segment across ‘attractive’ markets.

According to a Reuters report, the projects are expected to feature floating turbines to make use of South Korea’s deep coastal waters.

As part of this partnership, Equinor will offer its expertise in floating wind and offshore technology, as well as its operations and maintenance experience.

In May, Equinor signed an agreement with RWE Renewables and Hydro REIN for an offshore wind farm in the North Sea.

The three companies plan to develop a bottom-fixed offshore wind farm at the Sørlige Nordsjø II area, which borders the Danish area of the North Sea.

It is thought that the Sørlige Nordsjø II area could offer large amounts of renewable energy to countries aiming to decarbonise their energy mixes.