Wednesday 15 November 2023

RWE, one of the world’s leading companies in offshore wind, and Hyundai Engineering & Construction, a subsidiary of Korea's prestigious Hyundai Motor Group, have signed 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. The signing ceremony in Seoul was attended by Young-joon Yoon, CEO of Hyundai Engineering & Construction (Hyundai E&C), and Sven Utermöhlen, CEO of RWE Offshore Wind.

Both partners intend 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 gigawatts by 2036, thereof 34.1 gigawatts of wind capacity of which 24 gigawatts are expected to be offshore wind. Hyundai and RWE also envisage to explore jointly offshore wind business opportunities on a global scale. In addition, subject to favorable 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.

Young-joon Yoon, CEO Hyundai Engineering and Construction: “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: “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.”