Equinor targets up to 6 GW of offshore wind in S Korea - report

Norway’s Equinor ASA (NYSE:EQNR) is looking to build an up to 6-GW portfolio of offshore wind farms in South Korea to support its plan of becoming a “global offshore wind major,” a company official has told Reuters.

The energy group will seek to diversify its business and own offshore wind turbines in the US, Europe and Asia, Jacques-Etienne Michel, president of Equinor South Korea, has said on the sidelines of the 2022 World Gas Conference in Daegu. In South Korea, in particular, it will pursue between 4 GW and 6 GW of projects.

Equinor’s first offshore scheme in South Korean waters is the 800-MW Firefly project that will utilise floating wind technology. The proposed wind farm comprises two 75-sq-km areas located off the coast of Ulsan. The project website shows that an environmental study is currently ongoing, while a supplier event is due to be held on June 9.

Equinor expects to take a final investment decision on Firefly in 2024 or 2025, while its commissioning could take place in 2028-2029. The Norwegian firm is acting solo but is seeking partners for the initiative, Michel has said.

The 200-MW Donghae 1 floating project is Equinor’s second endeavour in South Korea, in which it has tied up with Korean National Oil Company and Korea East-West Power. The partners were awarded a license to generate electricity from it at end-2021.

According to the report, the group is also exploring a 1.5-GW project in waters off South Korea’s southwest coast.

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