RWE, Hyundai E&C join forces in offshore wind and green hydrogen projects
RWE, a global leader in offshore wind, and Hyundai Engineering & Construction, a renowned subsidiary of South Korea’s Hyundai Motor Group, have announced a pivotal Memorandum of Understanding (MoU). This agreement, signed in Seoul, marks a significant step towards accelerating Korea’s energy transition by promoting offshore wind and contributing to the burgeoning hydrogen economy.
Focus on Offshore Wind and Green Hydrogen
The MoU between RWE and Hyundai E&C aims at jointly developing offshore wind projects in Korea, aligning with the country’s Net Zero 2050 target. The partnership seeks to contribute to the Korean government’s plan of achieving 108.3 gigawatts of renewable energy capacity by 2036, including a substantial portion from wind power. Furthermore, the partners plan to explore global offshore wind business opportunities and green hydrogen projects, leveraging Hyundai’s hydrogen experience and RWE’s expertise.
Strategic MoU signed: RWE and Hyundai E&C to accelerate offshore wind and green hydrogen development in South Korea. Photo courtesy of RWE.
CEOs Speak on the Energy Transition Path
Young-joon Yoon, CEO of Hyundai Engineering and Construction, emphasized the significance of this collaboration with RWE in meeting the energy demands of the times. He expressed commitment to leading the domestic offshore wind industry and creating new renewable energy business opportunities through this long-term partnership.
Sven Utermöhlen, CEO of RWE Offshore Wind, recognized the potential of Korea as one of the most attractive markets for offshore wind and green hydrogen development. He praised Hyundai E&C as a strong partner sharing RWE’s values and ambition in driving green energy growth.
RWE’s Expertise in Offshore Wind and Hydrogen
RWE boasts over 20 years of experience in developing, constructing, and operating offshore wind farms, with 19 active offshore wind farms in five countries. With a robust local team in Korea and a global offshore wind expert team, RWE is well-positioned to lead in both fixed and floating wind projects. In the realm of hydrogen, RWE holds comprehensive expertise, managing over 30 hydrogen projects worldwide, covering green electricity production, storage, and commercialization.