Elec Times evaluates Equinor as genuine business developer on Korean offshore wind development capabilities and sincerity

Photo : An illustration of Bandibuli floating offshore wind turbine being developed by Equinor (provided by Equinor).

Please note that this summary is an overview of the content written by Elec Times from their point of view. The original article is available [HERE].

Elec Times wrote: Equinor, a state-owned Norwegian company, is known for its global experience in developing renewable energy. It is the only company in the Asian market that sees potential in South Korea and is investing in developing large-scale floating offshore wind farms.

Since opening its Korean branch in 2014, Equinor secured business licenses in November 2021 for the Bandibuli floating offshore wind project with a capacity of up to 800MW and the Donghae1 floating offshore wind project with a capacity of up to 200MW in Ulsan. It is also working on getting a business license for a wind project near Chuja Island with a total capacity of up to 3GW.

Equinor is considered a genuine developer in the market because of its extensive experience and a diverse portfolio in offshore wind farms. Floating offshore wind farms are a niche area with few developers having international project development experience, making such experience a critical factor in being considered a genuine developer.

Equinor holds titles for developing the world’s first and largest floating offshore wind farms – Hywind Scotland (30MW) in the UK and Hywind Tampen (88MW) in Norway. The Bandibuli and Donghae1 projects, with a combined capacity of 1GW, are seen as both a challenge and an opportunity for Equinor to cement its position as the global leader in floating offshore wind.

Equinor is also known for its expertise in fixed offshore wind farm development, operating several projects globally. Currently, it is operating several projects including Sheringham Shoal (317MW) and Dudgeon (402MW) in the UK, and Arkona (385MW) in Germany.

Equinor also has strong financial capabilities. It is listed on the stock exchanges in Oslo, Norway, and New York, USA, making it one of the largest energy companies in Europe. In the current climate of high interest rates and inflation, where offshore wind projects are facing financial challenges, capital and the ability to secure funding are critical factors that distinguish a genuine developer.

A developer mentioned, “Equinor is amongst the most financially robust energy companies in Europe, so it will be a formidable competitor in the Korean market as well. Developing floating offshore wind farms, which are more complex than fixed ones, requires a developer with experience, and Equinor is one of the few with such expertise.”

Equinor has actively collaborated with local companies, conducting environmental and social impact assessments with Sekwang Engineering Consultants in 2021 and working with GeoView, a marine exploration company, in April 2022. In August last year, it also signed agreements with POSCO E&C and POSCO International to push forward the Bandibuli floating offshore wind project.

Reference:  Elec Times. 해상풍력 진성사업자는 누구(2) 에퀴노르 “韓 부유식 해상풍력 시장의 Key” < 신재생 < 에너지Biz < 기사본문 – 전기신문 (electimes.com)

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