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RWE and Hyundai Engineering & Construction have inked an MoU to collaborate on offshore wind and green hydrogen. The aim is to accelerate Korea’s energy transition by promoting offshore wind and contributing to the hydrogen economy. The signing ceremony in Seoul involved Hyundai E&C CEO Young-joon Yoon and RWE Offshore Wind CEO Sven Utermöhlen.
They will jointly develop offshore wind projects in Korea, aligning with the country’s Net Zero 2050 target and the goal to increase renewable energy capacity to 108.3 GW by 2036. This includes 34.1 GW of wind capacity, with 24 GW expected to be offshore wind. Hyundai and RWE also intend to explore global offshore wind opportunities. Additionally, pending market conditions, the partners aim to integrate Hyundai’s hydrogen expertise from its first Korean electrolysis plant with RWE’s hydrogen experience for future green hydrogen projects across the value chain.
Speaking about the development, Young-joon Yoon, CEO Hyundai Engineering and Construction, said, “The world is now at a critical crossroads in the energy transition. I expect our collaboration with global leader RWE to be a remarkable step in meeting the demands of the times. We will continue to develop sustainable energy solutions to lead the domestic offshore wind industry and create new business opportunities in the renewable energy sector through the long-term partnership with RWE.”
Sven Utermöhlen, CEO RWE Offshore Wind, added, “As RWE we are honoured to partner with Hyundai E&C, one of the most prominent and respected companies in Korea and beyond. Korea is one of the most attractive markets for the development of offshore wind and green hydrogen. In Hyundai E&C we have a strong partner at our side who shares our values and ambition to drive the growth of green energy. Together, we will be able to achieve even more to advance the energy transition – for the benefit of society and our stakeholders.”
