Equinor predicts investment decision on South Korea’s offshore wind farm in 2024


“We are looking to build a portfolio of four to six gigawatts in Korea and that will support Equinor’s ambition…in terms of energy transition,” Jacques-Etienne Michel, president of Equinor South Korea, told Reuters on the sidelines of the meeting. World Gas Conference 2022 Daegu, South Korea.

The first project called “Firefly”, a semi-submersible wind farm planned for 150 square kilometers (58 square miles) off the coast of the city of Ulsan, is undergoing an environmental impact assessment and a final investment decision will be made in 2024, Michel said.

The 800-megawatt project, which is expected to cost billions of dollars and come into service in 2028, is 100% owned by Equinor, but the company is looking for partners, he said.

Equinor is also in talks with local companies to produce wind turbines and cables from scratch for the project.

“It’s a chance for Korea to be a leading player and build a new industry,” said Michel.

Equinor has a second 200 MW wind farm project off Ulsan, in partnership with state-owned Korea National Oil Corp and local power producer Korea East-West Power.

The company is also studying a third project, a 1.5 GW wind farm project near Jeju Island, Michel said.

Besides South Korea, Equinor is also studying similar wind farm projects in Japan and Vietnam, he added.



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