Hyundai E&C joins offshore wind farm project in $480 million deal

SEOUL, December 23 (AJP) - Hyundai Engineering & Construction (Hyundai E&C) said on Tuesday it has signed a construction contract worth 668.4 billion won ($480 million) to participate in an offshore wind farm project off Sinan, South Jeolla Province, a development with a total construction cost of 2.64 trillion won.

The project, led by Hanwha Ocean, calls for the installation of 26 offshore wind turbines, each with a capacity of 15 megawatts, in waters southeast of Uido in Sinan County. Hyundai E&C’s contract accounts for 668.4 billion won of the total project cost.

Hyundai E&C will jointly carry out construction with Hanwha Ocean, excluding turbine supply and installation. Its scope of work includes manufacturing and installing substructures, laying 32.5 kilometers of subsea cables, and building an offshore substation as well as an onshore monitoring facility. Construction is expected to take about three years, with commercial operations targeted for 2029.

Once completed, the project is expected to generate 1,052 gigawatt-hours of electricity annually, enough to power about 292,500 four-person households for a year, based on average monthly consumption of around 300 kilowatt-hours.

Hyundai E&C entered the offshore wind construction sector in 2015. The company said it has since built a track record in the sector, including the successful completion of the Jeju Hallim offshore wind farm, currently the country’s largest, which entered operation following a completion ceremony on Sept. 15.

Hyundai E&C said it is also seeking to secure technologies linked to Hyundai Motor Group’s hydrogen value chain and to lay the groundwork for expansion into global renewable energy markets. As part of that effort, it signed a strategic memorandum of understanding in 2023 with Germany-based RWE, Europe’s largest power generation company.

Copyright ⓒ Aju Press All rights reserved.