Pacifico Energy Korea Collaborates with HSG Sungdong to Develop, Supply Foundations for 3.2 GW Offshore Wind Cluster

By Kim Eun-jin, BusinessKorea - Pacifico Energy Korea signed a memorandum of understanding (MOU) with HSG Sungdong Shipbuilding (HSG Sungdong), one of Korea’s leading offshore wind foundation suppliers, to develop and supply foundations for Pacifico Energy Korea’s 3.2 GW offshore wind project cluster. This MOU is the first Korea-U.S. partnership in connection with developing, fabricating, and supplying large-scale offshore wind substructures. Also, it is the single largest offshore wind foundation supply partnership secured by a Korean supplier this year.

Given the current supply chain issues in the global offshore wind market, it is essential to establish a competitive supply chain in order to develop a large-scale offshore wind project. At this juncture, the MOU signifies a milestone achievement that showcases Pacifico Energy Korea’s efforts in securing foundation supply chain and HSG Sungdong’s entry into international offshore wind markets with high-quality products made in Korea.

With this landmark MOU, Pacifico Energy Korea and HSG Sungdong plan to explore collaboration for the fabrication, supply, and technological development of substructures for the 3.2 GW offshore wind project cluster. The two parties will develop a long-term strategic partnership in domestic and international offshore wind markets to promote Korean-made, competitive substructures, and also, foster the supply chain development of local industries related to offshore wind and create jobs in Jindo County, the city of Tongyeong, and surrounding areas.

Seung-Ho Choe, Representative Director of Pacifico Energy Korea, said: “Cooperation between offshore wind developers and Korean suppliers is key to success in the development of GW-scale offshore wind projects as well as Korea becoming ‘Green Transition Hub’ in the Asia-Pacific region. The MOU between Pacifico Energy Korea and HSG Sungdong is the first partnership in the offshore wind substructure sector by a U.S.-based developer to strengthen ties with a Korean supplier to further develop and solidify Korea’s domestic offshore wind supply chain and also support Korea’s rise in the Asia-Pacific offshore wind market and beyond.”

He also said, “Together with a pipeline of over 10 GW of offshore wind projects under development in the Asia-Pacific region, Pacifico Energy will continue to provide unyielding support so that Korean suppliers can expand their market presence in the Asia-Pacific offshore wind market.”

Korea-U.S. business partnership in the domestic offshore wind sector

The MOU signing ceremony was held at HSG Sungdong located in Tongyeong, South Gyeongsang Province, in South Korea on May 24, 2024. More than 20 executives from the two companies attended the ceremony, including Seung-Ho Choe, Representative Director of Pacifico Energy Korea, and Jin-sang Lee, CEO of HSG Sungdong.

To commemorate the historic MOU as a U.S.-Korean partnership in the green energy, many prominent leaders from the two countries attended the ceremony, including Nolan Barkhouse, Principal Officer at the U.S. Consulate in Busan; Hyung-du Choi, a member of the National Assembly and the Trade, Industry, Energy, SMEs, and Startups Committee in South Korea; James Kim, Chairman and CEO of the American Chamber of Commerce in Korea (AMCHAM); and Woonsik Ha, Country Leader of GE Vernova.

Nolan Barkhouse, Consul / Principal Officer of the U.S. Consulate in Busan, South Korea, said in his remarks that, “The signing of this MOU represents a remarkable stride in the U.S.-ROK partnership toward accelerating the green energy transition. It’s the first of its kind, focusing on large-scale offshore wind substructures, and demonstrates Korea’s commitment to addressing climate change.”

He continued, “By jointly researching, developing, and deploying offshore wind, our two countries can create new opportunities for job creation and economic growth, especially in the Gyeongnam and Jeonnam provinces. It not only strengthens ties between U.S. developers and Korean suppliers, but also paves the way for the expansion of the offshore wind supply chain and market. By setting a precedent for more partnerships with lasting environmental impacts, we are collectively addressing the urgent challenges posed by climate change.”

Hyung-du Choi, a member of the National Assembly and the Trade, Industry, Energy, SMEs, and Startups Committee said at the ceremony, “Today’s MOU between Pacifico Energy Korea and HSG Sungdong Shipbuilding represents a significant milestone for the Korea-U.S. partnership on accelerating the green energy transition, following the 10th ROK-US Energy Security Dialogue.”

Boosting domestic demand and advancing the Korean offshore wind foundation sector into the global market

The 3.2 GW Jindo offshore wind project cluster is one of the largest clusters of its kind by a single developer in the Asia-Pacific region. Through this partnership, HSG Sungdong will have an opportunity to boost domestic demand in the fabrication sector while Pacifico Energy Korea has secured a stable supply for large-scale offshore wind foundations in Korea.

Jin-sang Lee, CEO of HSG Sungdong Shipbuilding, said, “Offshore wind foundations require excellent durability against nature, as they are designed to withstand wave heights in the harshest environments and prevent seawater erosion, also requiring top-notch technological prowess to support the massive weight of power generation facilities.”

He added, “As the largest foundation supply partnership signed by a Korean offshore wind supplier, I expect this accord will be a great opportunity to boost domestic demand and open doors to the global market. Through cooperation with Pacifico Energy Korea, we plan to actively publicize our technology and competitiveness in the offshore wind foundation sector.”

James Kim, Chairman and CEO of AMCHAM, said in his special remarks, “This mutual cooperation will serve to establish Jindo County and South Jeolla Province as a new hub for offshore wind power in Asia and promote Tongyeong City and South Gyeongsang Province as key regions in the offshore wind foundation sector. He added, “This partnership marks a remarkable milestone not only for both organizations but also for the U.S.-Korea collaboration in accelerating the green energy transition.”

Meanwhile, Pacifico Energy Korea’s 3.2 GW offshore wind project cluster consists of three offshore wind projects: Myeong Ryang Offshore Wind (420 MW), Manho Offshore Wind (990 MW), and Jindo Baram Offshore Wind (1.8 GW). The Myeong Ryang Offshore Wind Project, as the first phase of the overall cluster, is currently undergoing the Electricity Business License application process. Myeong Ryang Offshore Wind will undertake a geotechnical survey, an environmental impact assessment (EIA), and seek permission for the occupation and use of public waters after obtaining an electricity business license. The goal is project completion by 2029 and commercial operation commencement by 2032.

Source: https://www.businesskorea.co.kr/news/articleView.html?idxno=217715 

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