POSCO Inter to Venture into Offshore Wind Power Development

Joint Development with the World's Largest Green Energy Asset Management Company

POSCO International is set to actively collaborate with CIP (Copenhagen Infrastructure Partners), one of the world's largest green energy asset management firms, on the Pohang offshore wind power and green business projects.

On the 26th, the company signed a Memorandum of Agreement (MOA) with CIP for cooperation on Pohang offshore wind power and green business, attended by Vice Chairman Jeong Tak and CIP Vice Chairman Tolson Smet.

(From right) Jeong Tak, Vice Chairman of POSCO International, and Tolson Smet, Chairman of CIP, signed the Memorandum of Agreement (MOA) for cooperation in Pohang offshore wind power and green business.
[Photo by POSCO International]

Under this agreement, both parties will concretize their cooperation in joint offshore wind power development and green hydrogen projects. The main areas of collaboration include promoting joint offshore wind power projects in the Pohang region and developing green business initiatives such as green hydrogen and green ammonia.

CIP, established in Denmark in 2012, is the world's largest green energy asset management company. It has grown into the largest company in the green investment sector in just over a decade. Currently, it manages assets worth approximately 28 billion euros (about 40 trillion KRW) and is developing offshore wind power projects totaling about 50GW across 14 countries, including South Korea. CIP also invests in various renewable energy infrastructure projects such as onshore wind and solar power.

Shinan Onshore Wind Power Complex operated by POSCO International
[Photo by POSCO International]

The reason for considering joint development with CIP is that Pohang houses the Pohang Steelworks and POSCO Future M, enabling the group to serve as a renewable energy supply hub.

Jeong Tak, Vice Chairman of POSCO International, stated, “Recently, the company declared its transformation into a ‘global eco-friendly comprehensive business company’ and has been promoting qualitative growth in the energy sector through the expansion of renewable energy projects. This agreement will serve as a good opportunity for the company to make a full-scale entry into the offshore wind power generation sector and is expected to establish a foothold for cooperation in the green business field as well.”

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