[News Article] Pacifico Energy Korea Collaborates with HSG Sungdong to Develop, Supply Foundations f…
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
2024.05.28