The partnership between OEG Renewables and COENS Co., Ltd represents a significant step forward in South Korea's offshore wind sector, combining OEG's extensive global experience in offshore energy solutions with COENS' in-depth local market knowledge. This collaboration positions them to capitalize on a substantial portion of South Korea's ambitious 14GW offshore wind target by 2030.
The strategic partnership aims to provide comprehensive renewable service solutions, including pre-construction, construction, installation, and operations and maintenance (O&M) services to offshore wind projects in South Korea. The Jeonnam 1 offshore wind project, the country's first commercial-scale offshore wind farm, is currently under construction and expected to complete in early 2025, symbolizing the rapid expansion of South Korea's offshore wind capacity.
According to Kevin Wu, Regional Director (OEG Renewables) APAC, "By partnering with COENS, we are able to further develop and strengthen our presence in the APAC region, expanding our existing service offering to the Taiwanese and Japanese offshore renewables markets with the addition of South Korea as a new market for OEG".
Y.C. Kim, CEO at COENS, highlighted the synergy between the two companies, stating, "COENS will leverage its 20+ years of experience and expertise in South Korea to create new value in the country's offshore wind market in collaboration with OEG's global expertise. This partnership represents a significant steppingstone for the success of both domestic and international projects. In particular, this collaboration with OEG will enhance our ability to deliver superior services and strengthen our position in South Korea's offshore wind market".
The South Korean government has recently initiated a new offshore wind strategy, aiming to launch between 7 GW and 8 GW of offshore wind tenders in the next two years, with a broader goal of reaching 14 GW by 2030.
Sources:
https://www.rivieramm.com/news-content-hub/news-content-hub/south-korea-kick-starts-new-offshore-wind-strategy-with-15-gw-tender-82830
OEG and COENS Partner on Renewable Service Solutions for the South Korean Offshore Wind Market
https://www.oegrenewables.com/news/coens-mou-offshore-wind-south-korea
https://www.bluecluster.be/news/offshore-wind-in-south-korea-state-of-affairs-as-of-june-2024
Strategic Partnership Transforms Korean Offshore Wind
As South Korea strives to achieve its ambitious goal of installing 14GW of offshore wind capacity by 2030, a strategic partnership between OEG Renewables and COENS Co., Ltd signals a pivotal moment for the nation's renewable energy sector. This collaboration is poised to significantly impact the market through comprehensive services spanning pre-construction to operations and maintenance (O&M), combining OEG's extensive global expertise with COENS' extensive local knowledge and resources. The partnership will utilize OEG's large cargo fleet to support various offshore projects.
South Korea is rapidly expanding its offshore wind capacity, driven by positive market drivers and significant growth potential. The Jeonnam 1 offshore wind project, currently under construction and expected to be completed in early 2025, represents the country's first commercial-scale offshore wind farm. This project is just the beginning, with major initiatives like Wando Geumil (600 MW), Anma (532 MW), and Shinan Ui (390 MW) slated for construction in the coming years, further boosting South Korea's wind power capacity.
According to Kevin Wu, Regional Director (OEG Renewables) APAC, "By partnering with COENS, we're able to further develop and strengthen our presence in the APAC region, expanding our existing service offering to the Taiwanese and Japanese offshore renewables markets with the addition of South Korea as a new market for OEG".
Y.C. Kim, CEO at COENS, underscored the significance of the partnership, stating, "COENS will leverage its 20+ years of experience and expertise in South Korea to create new value in the country's offshore wind market in collaboration with OEG's global expertise. This partnership represents a significant steppingstone for the success of both domestic and international projects.
In particular, this collaboration with OEG will enhance our ability to deliver superior services and strengthen our position in South Korea's offshore wind market".