Equinor and EWP plan 3GW Korean floating offshore wind
The two companies join several developers exploring floating offshore wind development
Norway’s Equinor has signed a memorandum of understanding to develop 3GW of offshore wind with one of South Korea’s state-owned energy companies, East-West Power (EWP). South Korea has set a target for renewables to account for 34pc of its power capacity by 2030 and to develop an additional c.60GW of renewable energy capacity by 2034. The country also plans to bring 12GW of offshore wind capacity online by 2030. “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 the long term,” says Pal Eitrheim, Equinor’s executive vice-president for renewables. Equinor sugg
Also in this section
25 April 2024
Carbon capture rates forecast to rise steadily from end of decade, but policy tools to drive large-scale deployment have yet to take shape, according to DNV
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation