Equinor to partner South Korean conglomerate on 'biggest' floating wind project - Recharge
Equinor to partner South Korean conglomerate on 'biggest' floating wind project | Recharge
Norwegian oil and gas major Equinor has teamed up with South Korean industrial group Posco ahead of the planned 750MW Firefly floating wind project, to be located offshore from the South Korean city of Ulsan.
Equinor and Posco signed a memorandum of understanding this week to collaborate on what the engineering and procurement arm of the South Korean conglomerate called the “world’s largest” project of its kind.
On Sang-woong, head of Posco E&C’s infrastructure division, is quoted in Korean media as saying that the company has broken from the “limits of traditional construction and selected green and renewable businesses such as offshore wind power as a next-generation future growth sector.”
Related Knowledge Center: ENERGY BASICS: wind
Decades of government support for the development of wind energy has resulted in lower costs and a rapidly growing share of electricity generated by wind turbines. Wind in 2019 accounted for 7.3 percent of electrical generation, surpassing for the first time hydropower at 7.0 percent.