The proportion of renewables in power generation is expected to increase to 20% by 2030, which translates to a target of 49GW of new capacity.
KNOC, 100% owned by the South Korean state, is looking to develop a 200MW floating offshore wind project at its existing Donghae platform, 58km off the cost of Ulsan City.
Stephen Bull, Senior Vice President for Wind and Low Carbon in New Energy Solutions at Equinor said: “South Korea has large potential and offers attractive opportunities within offshore wind. We are pleased to sign an MoU with KNOC to strengthen our collaboration.
“We look forward to evaluate how we can further expand our portfolio within offshore wind and contribute to develop renewable energy solutions.”