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South Korea's POSCO International Corp. has teamed up with Danish firm, Copenhagen Infrastructure Partners (CIP), to jointly develop offshore wind power projects and delve into the green hydrogen and ammonia sectors. The alliance aims to cater to the burgeoning demand for renewable energy.
Under the memorandum of agreement, POSCO International and CIP will focus on developing offshore wind power projects in Pohang, a prominent industrial city in South Korea. Pohang's location, 262 kilometers southeast of Seoul, is ideal for harnessing wind energy.
Notably, Pohang is home to South Korea's largest steel mill complex and manufacturing sites operated by POSCO Future M Co., a POSCO Holdings Inc. subsidiary specializing in battery and advanced component production.
POSCO International, the trading and energy arm of POSCO, plans to establish a 300-megawatt offshore wind power plant complex in Sinan County by 2027. The company has set an ambitious goal to enhance its wind power generation capacity to 2 gigawatts by 2030.
With expertise in wind power infrastructure investments across 14 countries, including South Korea, CIP brings significant knowledge and resources to support offshore wind projects. The company manages investments worth approximately 28 billion euros (US$30.5 billion).
Furthermore, CIP's Managing Partner Jacob Baruël Poulsen, in the presence of South Korean President Yoon Suk-Yeol, reaffirmed the investment commitment through an Investment Notification Form. This commitment includes investments in fixed-bottom and floating offshore wind projects in Ulsan, Shinan County, and Yeonggwang County in South Jeolla Province.
This collaboration between POSCO International and CIP signifies a vital step towards driving sustainable and green solutions for the future.
Meanwhile, POSCO International is spearheading the development of a cutting-edge 300-megawatt-offshore wind farm in Sinan County, South Jeolla Province. The anticipated completion date for this remarkable project is set for 2027. Additionally, the company is proudly participating in another groundbreaking offshore wind farm venture in the East Sea.
With an ambitious goal of increasing offshore wind power output to a staggering 2 gigawatts, POSCO International aims to exceed current levels by more than 30 times.
Photo: Anna Jiménez Calaf/Unsplash
