Principle Power and HSG Sungdong Sign MoU to Boost Mass Production of WindFloat® Technologies
June 21, 2024 –In a strategic move to bolster Korea’s offshore wind capacity, Principle Power and HSG Sungdong have signed a non-exclusive Memorandum of Understanding (MoU). This collaboration aims to advance the engineering developments for the mass production and assembly of WindFloat® technologies, marking a significant step towards achieving Korea’s goal of 14.3 GW of offshore wind capacity by 2030.
Principle Power, renowned for its global expertise in floating wind technology, will provide HSG Sungdong with critical inputs on WindFloat® design, specifications, and operational insights. This partnership is poised to optimize HSG Sungdong’s facilities and processes for cost-effective and large-scale fabrication and assembly of floating wind foundations. The collaboration leverages Principle Power’s extensive track record in floating wind and HSG Sungdong’s manufacturing prowess to enhance the delivery of floating wind projects both in Korea and for export markets.
Lúcio Rodrigues, Head of Supply Chain and Procurement at Principle Power, emphasized the importance of early engagement with select suppliers. “Our goal is to foster a robust and sustainable supply chain ecosystem to build readiness for the timely and effective delivery of floating wind projects,” Rodrigues stated. This engagement ensures that the burgeoning industry can provide confidence to customers and the government regarding deliverability.
The collaboration between Principle Power and HSG Sungdong aims to establish a supply system ready for industrial-scale floating offshore wind projects. The partnership combines Principle Power’s experience with 75 MW floating offshore wind farms and HSG Sungdong’s optimized manufacturing facilities. This synergy is expected to create a stable and economically feasible mass supply process for top-tier floating offshore wind structures.
Jinsang Lee, CEO of HSG Sungdong, highlighted the collaboration’s alignment with Korea’s transition to a low-carbon economy. “This collaboration will create social values in line with the transition to low-carbon and green economies and deliver the highest quality floating substructures to customers,” Lee said. The partnership is set to play a crucial role in developing eco-friendly solutions for future industries.
The Korean government’s commitment to offshore wind is underscored by its annual auction system, which offers fixed-price contracts for offshore wind projects. These auctions, scheduled to begin in Q3 2024, include mechanisms to launch a domestic floating offshore wind industry. The MoU between Principle Power and HSG Sungdong positions both companies to meet these government targets and support Korea’s offshore wind ambitions.
