Shell forms strategic alliance with KOSPO to advance renewable energy business
Mar 15, 2022
Shell and KOSPO will explore collaboration opportunities in floating offshore wind and renewable energy space to contribute to Korea’s energy transition.
Seoul, Shell Gas & Power Developments B.V. on Monday signed a memorandum of understanding (MoU) with power generation company Korea Southern Power Co., Ltd (KOSPO) to drive Shell’s floating offshore wind and renewable energy ambition in South Korea.
Under the MoU, the two energy companies will explore collaboration opportunities to contribute to Korea’s energy transition. This could include renewable energy off-take, joint operation and maintenance, and potential business opportunities in renewable-based hydrogen energy powered by MunmuBaram, Shell’s joint-venture floating offshore wind project in Ulsan.
“Shell views offshore wind energy as a key part of a net-zero energy system,” said YoungKyu Ju, MunmuBaram Project Director and Shell Korea Country Chair. “We are excited to collaborate with KOSPO to advance Korea’s renewable energy market and propel the country closer towards its carbon neutral target.”
Seung-Woo Lee, President and chief executive officer (CEO) of KOSPO said, "This MoU signed with Shell, a global energy leader, will help KOSPO expand our businesses. This will not only help the Korean government achieve the goal of transforming major energy sources but will also put Korea’s world-class shipbuilding and marine engineering business at the core of the floating wind industry.”
MunmuBaram project, which is subject to future investment decisions, would be a significant development towards South Korea’s ‘Renewable Energy 3020 Plan’, which aims to increase domestic renewable energy generation to 20% of the energy mix by the year 2030 and will assist in meeting South Korea’s ambition to become carbon neutral by 2050.
Notes to editors:
- MunmuBaram Co., Ltd.: ‘MunmuBaram’ is a joint venture established in 2021 between Shell (80%) and CoensHexicon (20%) with the aim to develop and operate up to a 1.3 GW floating offshore wind project, located offshore South-East Korea, between 65 and 80 km from the city of Ulsan, South Korea. For more information, visit www.munmubaram.com.
- In February 2021, Shell set forth its Powering Progress strategy, including details of how it will achieve its target to be a net-zero emissions energy business by 2050, in step with society. For more details on Shell’s Powering Progress strategy, please visit http://www.shell.com/poweringprogress.
- KOSPO (Korea Southern Power Co., LTD.) is a public corporation that provides and supports electric power energy to the citizens of South Korea. It spun off from KEPCO (Korea Electric Power Corporation) in 2001 to enhance energy production.
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