April 30, 2024

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(HD Hyundai Heavy Industries)

South Korean shipbuilding giant HD Hyundai Heavy Industries said Wednesday that it has signed a deal with two Scottish economic development agencies on cooperation in the floating offshore wind sector.

The memorandum of understanding calls for HD Hyundai Heavy Industries to share its knowhow on the design and manufacture of floating offshore wind platforms with Scottish Enterprise and the Highlands and Islands Enterprise.

HD Hyundai Heavy Industries said it will also come up with a strategy to optimize a related supply network.

The two Scottish agencies will in turn explore funding options and try to secure a network of potential suppliers, manufacturing facilities and investors, the shipyard added.

HD Hyundai Heavy Industries said the deal is expected to help the company secure a foothold in the growing European marine wind power market.

According to a report by the Global Wind Energy Council, the cumulative wind power capacity across the world is projected to surge to 477 gigawatts (GW) in 2032 from 63.3 GW in 2022.

In particular, the British government has announced a plan to expand the country's wind power capacity to 50 GW by 2030 from 11 GW in 2021, completing Hywind Scotland, the world's first commercial wind farm using floating wind turbines, in the North Sea.

HD Hyundai Heavy Industries is a subsidiary of HD Korea Shipbuilding & Offshore Engineering, a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai. It also has Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries under its wing. (Yonhap)