Corio, BP to fund $1.2b for Korean offshore wind power projects

The agreement is one of the deals formed during the South Korean President’s state visit.

Two UK-based energy firms, Corio Generation and BP, have pledged investments worth $1.2b that will support the offshore wind sector in South Korea.

Through the investment, Corio and BP will add to the demand for Korean companies to set up tower structures, turbines, power cables, and additional core materials and equipment. They also aim to bolster local economies and generate new jobs for repair and maintenance, the Ministry of Trade, Industry and Energy said.

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All investments here will deepen the partnership between South Korea and the UK for their carbon neutrality goals, and advance its offshore wind power ecosystem.

Currently, Corio Generation is developing eight offshore wind power projects with a total capacity of 2.9 gigawatts and BP has undertaken plans to invest in renewable energy developments.