February 15 (Renewables Now) - Norwegian energy major Equinor ASA (NYSE:EQNR) has teamed up with state-owned Korea National Oil Corporation (KNOC) to explore opportunities for the development of commercial floating wind projects in South Korea.
Equinor announced this today, saying that the two parties have entered into a memorandum of understanding (MoU) to beef up their collaboration.
“We plan to actively focus on progress and de-risking studies including feasibility studies in collaboration with Equinor,” stated Jae-Heon Shim, senior vice president at KNOC.
The Korean company seeks to develop a 200-MW floating wind farm at its existing Donghae platform that is located 58 km (36 mi) off the coast of Ulsan City. Its Norwegian partner operates the world’s first full-scale commercial floating wind farm -- the 30-MW Hywind Scotland facility off the coast of Aberdeenshire in Scotland -- and is currently planning an 88-MW project to supply wind power to the Gullfaks and Snorre oil and gas fields in the northern North Sea.
South Korea is aiming at a 20% renewable power share by 2030, which would require 49 GW of new generation capacity, Equinor says.