POSCO E&C and DNV have joined forces through an MOU to enhance business cooperation in Korea's offshore wind industry. POSCO E&C will leverage its construction capabilities while DNV shares expertise in offshore wind certification and risk management. With the global offshore wind capacity projected to reach 228GW by 2030 and 1,000GW by 2050, this collaboration is expected to drive momentum in Korea. It aligns with Korea's commitment to carbon neutrality and the expansion of renewable energy.
Large steps have been taken towards expanding Korea’s offshore wind capacity after a memorandum of understanding (MOU) was signed between local engineering and construction firm POSCO E&C and digital solutions and software provider DNV.
- POSCO E&C strategically plans the development and construction of offshore wind in Korea. DNV provides analysis, certification, and risk management for fixed and floating offshore wind.
- On Sang Woong, head of the infrastructure division at POSCO E&C, said "we will be able to accelerate POSCO E&C's eco-friendly energy business through business cooperation with DNV."
- DNV, a Norwegian classification society founded in 1864, is the world's largest international certificate company for offshore wind
The MOU signed on Thursday 27 April outlines cooperation between POSCO E&C and DNV to accelerate development of POSCO E&C’s eco-friendly energy business and ensure construction capabilities of offshore wind projects.
DNV will transfer know-how of domestic offshore wind certification, competence building for engineering, risk management, and operating expense reduction to POSCO E&C.
The offshore wind industry is expected to continue to grow in the coming years as the European Green Deal works to a target of no net emissions of greenhouse gases by 2050. While the cumulative capacity of global offshore wind power generation was 35GW in 2020, it is forecast to reach 228GW by 2030 and about 1,000GW by 2050.
Korea also launched the 2050 Presidential Commission on Carbon Neutrality and Green Growth in 2022 with a vision to include wind power in its power supply plan that will achieve carbon neutrality.
Through the 10th basic plan for power supply and demand, Korea emphasized the need to expand the capacity of renewable facilities from the current 28.9 GW to 71.5 GW in 2030 and 107.4 GW in 2036.
On Sang Woong said "POSCO E&C is making efforts to select eco-friendly projects such as offshore wind as the next-generation future growth industry and discover business opportunities. It is expected that the offshore wind business will gain further momentum through business cooperation with DNV."
"The combined operational know-how of DNV, the No. 1 global company in offshore wind certificate, and POSCO ENC's business capabilities, including construction and energy, will create synergy for both companies to win-win," he said.
Kenneth Vareide, CEO of Digital Solutions at DNV, said "Korea’s offshore wind market is ready to boom. Through this MOU, DNV and POSCO E&C will to establish themselves as best practice leaders in Korea's offshore wind industry."
In the future, POSCO E&C plans to contribute to the development of green energy in Korea and the realization of decarbonization through comprehensive cooperation with DNV throughout the domestic offshore wind business.
About DNV
DNV is a world-leading provider of digital solutions and software applications with focus on the energy, maritime and healthcare markets. Our solutions are used worldwide to manage risk and performance for wind turbines, electric grids, pipelines, processing plants, offshore structures, ships, and more. Supported by our domain knowledge and Veracity assurance platform, we enable companies to digitize and manage business critical activities in a sustainable, cost-efficient, safe and secure way.