POSCO E&C-Equinor, Exclusive Supply Agreement for Ulsan Firefly Offshore Wind Power

by Roh Kyungjo

Published 24 Nov.2024 11:34(KST)

POSCO E&C announced on the 24th that it signed the 'Ulsan Firefly Offshore Wind Power Exclusive Supply Agreement (PSA)' with Firefly Energy, a wholly owned subsidiary of Equinor, the Norwegian state-owned integrated energy company, at its office in Songdo, Incheon on the 20th.

Jeon Jung-sun, President of POSCO E&C (center), is taking a commemorative photo after signing the 'Ulsan Firefly Offshore Wind Power Exclusive Supply Agreement (PSA)' with Firefly Energy, a 100% subsidiary of Equinor, at the Incheon Songdo office on the 20th. / Photo by POSCO E&C

The Ulsan Firefly offshore wind power project is a large-scale project to build a floating offshore wind power plant with a generation capacity of 750 MW located 70 km offshore from Ulsan Port. It is capable of supplying electricity to approximately 440,000 households annually. Equinor aims for commercial operation by 2030.

Under this agreement, POSCO E&C will perform the basic design and subsequently construct the onshore cable landing points, underground lines, and onshore substations to transmit the power generated offshore to the land. Currently, Equinor is preparing to participate in a competitive bidding for a fixed-price wind power contract, and if successful, the Ulsan Firefly offshore wind power project is expected to proceed in earnest.

In August last year, POSCO E&C and Equinor agreed on strategic cooperation in areas such as development, construction, and transportation of offshore wind power near Ulsan Firefly and Chujado. Since then, the two companies have been operating a regular consultative body to continuously explore domestic offshore wind power business strategies and expand cooperation plans.

A POSCO E&C official stated, "We are dedicating ourselves to offshore wind power projects to reduce carbon emissions for building an eco-friendly future society," adding, "We plan to expand cooperation with Equinor in various offshore wind power generation fields based on the synergy of our group’s strengths in the steel sector, excellent offshore wind power construction technology, and experience in offshore construction in Ulsan."