RWE and Hyundai Engineering & Construction have inked a memorandum of understanding (MoU) to cooperate in the field of offshore wind and green hydrogen. The companies aim at leveraging synergies to accelerate the energy transition in Korea, through promoting offshore wind along with contributing to ramping up the hydrogen economy.
Furthermore, both partners plan to work closely together to jointly develop offshore wind projects in Korea in line with the country’s Net Zero 2050 target and the government’s plan to increase renewable energy capacity to 108.3 GW by 2036, out of which 34.1 GW is expected to be wind power, including 24 GW of offshore wind.
Hyundai and RWE also envisage jointly to explore offshore wind business opportunities on a global scale. Reportedly, subject to favourable market conditions, the two partners plan to combine Hyundai’s hydrogen experience from its first Korean electrolysis plant for hydrogen production with RWE’s hydrogen expertise from various projects along the entire value chain for future green hydrogen projects.
REGlobal’s Views: Korea is an important emerging market for both offshore wind and green hydrogen. While Hyundai is a market leader in its home base Korea, RWE has also been present in the country’s renewable energy market. RWE also has a venture called RWE Renewables Korea LLC to specifically explore and expand renewables energy business in the country.