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BP and Corio Commit to $1.1B in Investments During Korean State Visit to UK

offshore wind farm
BP and Corio comitted toexpanding their investments in South Korea's offshore wind sector (file photo)

Published Nov 22, 2023 6:50 PM by The Maritime Executive

 

South Korea’s Ministry of Trade, Industry and Energy is highlighting the success of the current state visit underway to the UK by President Yoon Seok-yeol reporting major agreements with UK companies to support South Korea’s fledgling offshore wind industry. They are reporting commitments for an additional $1.1 billion in investments for renewable energy in addition to other industrial agreements.

President Yoon arrived in England on Monday, November 20, and received the full state regalia including a welcoming ceremony at Buckingham Palace with King Charles III and Queen Camaila. Later they were treated to a state banquet described by the British press as “white tie and tiaras.”

Today, the President and the South Korean trade delegation report it concluded a series of agreements, including investment commitments from BP and Corio for the offshore wind industry. They also reported agreements signed for Hanwha Aerospace as well as industrial companies KyungDong Navien and Hyosung Heavy Industries.

BP is committing to additional investments along the southern coast of South Korea. As part of the agreement, the British energy major plans to expand its efforts in the domestic renewable energy sector.

Corio Generation, a dedicated wind power company within Macquaire’s Green Investment Group, also committed to expanding its investments during its meeting with President Yoon. The company plans to accelerate the promotion of its current wind projects in South Korea. Corio is working on the development of eight offshore wind power farms with a total capacity of over 2.9 GW. They will be located near Busan, Ulsan, and Jeonnam.

In addition to the direct investment, the Ministry is highlighting the expected positive impact on the country’s domestic industries. They pointed to the opportunities in core equipment sectors such as tower structures, turbines, and power cables. They expect these investments to help revitalize the local economy and create jobs. 

South Korea highlights that the state visit resulted in commitments for nearly $1.4 billion in investments achieved through meetings with UK-based companies and investment declarations.