UK clean energy companies Corio and BP to invest 1.5 trillion KRW in Korea

by Lee Eunjoo

Published 22 Nov.2023 17:10(KST)

On the morning of the 22nd at 8 a.m. local time, during President Yoon Seok-yeol's state visit to the United Kingdom, the Ministry of Trade, Industry and Energy announced that a total of 1.5 trillion KRW (1.16 billion USD) in Korean investments were confirmed and investment reports submitted with British energy companies CORIO and bp at a hotel in London.

CORIO is a UK Green Investment Group (GIG) specialized in offshore wind power development. It is developing eight offshore wind power complexes with a total capacity of 2.9GW in Busan, Ulsan, and Jeonnam, and plans to accelerate the project through this investment.

The British energy company bp reported investments related to offshore wind power complexes under development in the southern coastal region of Korea. It plans to continue expanding investments in the domestic renewable energy sector.

These companies' investments are expected to significantly increase demand for domestic companies in key equipment sectors such as tower structures, turbines, and power cables, and contribute to revitalizing the local economy and creating jobs through the participation of regional companies and workforce in the maintenance and repair of power complexes.

Minister Bang Moon-kyu stated, “Receiving the investment reports shows that carbon-neutral energy cooperation with the UK, a leading country in carbon neutrality, is strengthening,” and added, “We hope this will help the development of our offshore wind industry ecosystem, which has great potential.”