Corio to partner with Daewoo E&C on Korean offshore wind projects
Left to right: Woojin Choi, Head of Korea at Corio Generation, Jungwon Baek, President and CEO of Daewoo E&C, Jonathan Cole, CEO of Corio Generation, Seung-il Cho, COO and Executive Vice President of Daewoo E&C. Image by Corio.
Offshore wind developer Corio Generation has signed a memorandum of understanding (MoU) with South Korea’s Daewoo Engineering and Construction (KRX:047040), or Daewoo E&C, to collaborate on Corio’s portfolio off Busan and potentially on additional opportunities across the Asia-Pacific region.
The MoU, signed on Wednesday and announced today, is focused on fixed-bottom projects and covers the three projects in Corio’s Busan portfolio -- the 200-MW Gijang, 40-MW Cheongsapo and 96-MW Dadaepo developments.
Under the agreement, Corio, a portfolio company of Macquarie’s Green Investment Group (GIG), will be in charge of project development, investments and project management, while Daewoo E&C will provide engineering, procurement and construction (EPC) support.
Corio also recently signed an MoU with Korean manufacturer SK Oceanplant for the supply of offshore substations and substructures for projects in South Korea and elsewhere in Asia-Pacific.
Corio has almost 3 GW of offshore wind under development in South Korea. Besides its Busan portfolio, it is developing the BadaEnergy portfolio, consisting of both floating and fixed-bottom wind farms, together with TotalEnergies and SK Ecoplant.