Daewoo E&C Signs Business Agreement with Offshore Wind Power Specialist Corio Generation

Responding to Climate Change and Promoting Renewable Energy Activation

Daewoo E&C announced on the 18th that it has signed a Memorandum of Understanding (MOU) with Corio Generation, a global offshore wind power specialist development company, to actively respond to the government's climate change initiatives and promote renewable energy.

The signing ceremony held the previous day was attended by Daewoo E&C CEO Baek Jeong-wan, Executive Director of the Plant Business Division Cho Seung-il, Corio Generation CEO Jonathan Cole, and Choi Woo-jin, Head of Korea, along with executives from both companies.

From the left, Woojin Choi, Korea General Manager of Corio Generation, Jungwan Baek, CEO of Daewoo Engineering & Construction, Jonathan Cole, CEO of Corio Generation, and Seungil Cho, Executive Director of Daewoo Engineering & Construction Plant Business Division, are participating in the agreement signing ceremony.

Corio Generation is a global offshore wind power specialist company established by the Green Investment Group (GIG), which originated from the UK government's Green Investment Bank. It is responsible for investment, development, and operation of offshore wind projects and is actively developing projects totaling over 30GW worldwide.

Through this agreement, the two companies will prioritize cooperation on the fixed offshore wind power project currently being developed in Busan and plan to expand their collaboration to the Asia-Pacific region in the future. Accordingly, Corio, which is developing multiple domestic offshore wind projects including the Busan offshore wind power project, will participate in business development, investment, and project management, while Daewoo E&C will support business development, investment, and take on the EPC (Engineering, Procurement, and Construction) role.

Baek Jeong-wan, CEO of Daewoo E&C, stated, “Daewoo E&C possesses balanced capabilities in development and EPC through various domestic and international power plant construction projects and the Pocheon Independent Power Producer (IPP) project. We have successfully completed large-scale offshore projects both domestically and internationally, including the Al-Faw breakwater in Iraq and the immersed tunnel of the Geoga Bridge, demonstrating our top-tier expertise in power generation and offshore construction in Korea.” He added, “Through this partnership with Corio Generation, a global leader in offshore wind power, we expect to create new social and economic values for carbon neutrality by promoting renewable energy-related businesses and revitalizing the national economy.”

Choi Woo-jin, Head of Korea at Corio Generation, said, “We are pleased to collaborate with Daewoo E&C on the Busan offshore wind power project. We confirmed that both companies share a commitment to carbon neutrality and energy transition centered on offshore wind power.” He continued, “Building on this MOU, we will share resources and know-how to maximize mutual synergy and actively work towards the dissemination and expansion of renewable energy and realization of energy transition both domestically and internationally.”

Meanwhile, Daewoo E&C has secured experience and construction capabilities in eco-friendly renewable energy sectors such as the Yeongwol onshore wind power project, Incheon Gulupdo offshore wind power development, fuel cell business development, solar power, and tidal power. Additionally, the Plant Business Division, led by the New Energy Development Team, is diversifying its renewable energy business by researching water electrolysis technology to produce high-purity hydrogen, and developing green hydrogen and ammonia infrastructure projects.

This content was produced with the assistance of AI translation services.