“Partnership established to lead energy transition in offshore wind power, green hydrogen, and so forth”
[ Image of the MOU signinng between Hyundai E&C-RWE. On November 14th, President Yoon Young-joon of Hyundai E&C (Left) and CEO Sven Utermöhlen of RWE (Right) are taking a commemorative photo after signing the Memorandum of Understanding (MOU) to cooperate in joint development of offshore wind power and green hydrogen projects at Hyundai E&C building in Gyedong, Jongno-gu ]
Hyundai E&C is joining hands with the largest energy company in Europe to lead the expansion of the renewable energy power generation projects.
On November 14th, Hyundai E&C signed a strategic Memorandum of Understanding (MOU) with RWE Offshore Wind GmbH (hereinafter RWE) on ‘Joint development of offshore power generation and green hydrogen projects’ at the Hyundai E&C headquarter located in Gyedong, Jongno-gu. Key management of the two companies such as President Yoon Young-joon of Hyundai E&C and CEO Sven Utermöhlen of RWE participated in the signing ceremony. Through this MOU, the two companies are planning to cooperate closely to ▲ jointly develop domestic offshore wind power generation projects ▲ seek out mutual opportunities to participate in projects that the two companies are developing, and ▲ discover new projects in new energy areas including green hydrogen.
Hyundai E&C is strengthening its business capabilities through various projects that involve the execution of the overall project from business development to equity investment, EPC (design, construction and procurement) of Jeju Hallim Offshore Wind Farm and others after becoming the first construction domestic company to participate in the construction of the Southwest Offshore Wind Farm, the first demonstration offshore wind farm in Korea. It is solidifying its firm position in the offshore wind power area by becoming the only construction company in Korea that secured 5 offshore wind power generation business rights in regions such as Yokji Island in Tongyeong, Gyeongnam Province and Goheung, Jeonnam Province through the engagement of Hyundai Frontier, the first domestic installation vessel dedicated to offshore wind power, on top of its technological capability and track record in constructing offshore wind power generation complexes.
RWE is a global energy company that was established in Germany in 1898, and has power generation project portfolios for wind power, hydroelectric power, solar power, biomass and so forth. With a target to expand the power generation portfolio to 50GW by 2030 and to achieve carbon neutrality by 2040, it is investing more than EUR 50 billion (approximately KRW 70 trillion) in global renewable energy and development of related technologies. In particular, it is carrying out additional development projects by operating 19 offshore wind power generation facilities in 5 countries across the globe. Furthermore, RWE is participating in more than 30 green hydrogen projects with expert knowledge in all areas from production to storage of green hydrogen. While domestic offshore wind power generation market is forecasted to grow continuously, according to the 10th Basic Plan on Electricity Demand and Supply announced by the Ministry of Trade, Industry and Energy at the beginning of the year, the government is planning to expand the power generation capacity of renewable energy to 46.3% (108.3GW) by 2036, and hence, 24GW offshore wind power generation complex is undergoing development after obtaining a permit for the power generation project.
Starting with this MOU, the companies will cooperate in joint development of domestic offshore wind power generation projects based on the experience and network of Hyundai E&C on the domestic offshore wind power generation market and the knowhows of RWE to develop and operate the global offshore wind power complexes. Furthermore, the companies will expand its scope to the global market. Moreover, the two companies will also seek out cooperation opportunities in the green hydrogen area based on RWE’s expertise on the overall hydrogen value chain and the hydrogen production technology that Hyundai E&C accumulated through the construction of the first electrolysis-based hydrogen production site in Korea, Boryeong clean hydrogen projects and so forth.
President Yoon Young-joon of Hyundai E&C said, “Mutual cooperation between Hyundai E&C and RWE, the global leader in renewable energy, is expected to be an innovative step forward that is fitting to the demand of the energy transition era,” and added, “The two companies will lead the flow of next-generation energy transition by developing sustainable energy solution and creating business opportunities through a long-term partnership”. CEO of RWE Sven Utermöhlen said, “It is a great honor to be forming a partnership with Hyundai E&C, a company that is receiving global recognition,” and added, “Hyundai E&C and RWE are most powerful partners that share the value and target on green energy growth, and this partnership will be a huge opportunity to promote global energy transition”.