German energy major RWE AG (ETR:RWE) and a unit of Hyundai Motor (KRX:005380) have decided to pool their experience in the field of offshore wind and green hydrogen in a drive to speed up the energy transition in South Korea.
RWE and Hyundai Engineering & Construction have sealed a memorandum of understanding (MoU) to jointly execute offshore wind projects in Korea and potentially across the world. The pact is aimed at advancing the country’s Net Zero 2050 target and the government’s plan to increase the domestic renewable energy capacity to 108.3 GW by 2036, including 24 GW of offshore wind.
RWE currently operates 19 offshore wind farms across five countries with a pro-rata installed capacity of about 3.3 GW. The company’s South Korean team includes nearly 2,000 offshore wind experts.
In addition to offshore wind, the companies intend to combine Hyundai’s hydrogen experience from its first Korean electrolysis plant with that of RWE for future green hydrogen projects. This partnership will be subject to favourable market conditions.