GS Entec enters offshore wind power business with Dutch partner
By Kim Jae-heun
GS Group Chairman Huh Tae-soo / Courtesy of GS Group
GS Entec, which has been producing plants and energy equipment together with GS Group's oil refining, power generation and construction affiliates, signed a strategic partnership with global market leader Sif Netherlands BV (Sif) to introduce “monopile” technology, the company said Sunday.
It is part of the company's ambition to advance into the eco-friendly apparatus market and start business in building offshore wind power foundations utilizing monopile technology.
Monopile technology consists of a cylindrical structure made of large steel plates welded together, used as a foundation for installing offshore wind power generators. It is preferred to existing technologies such as “floating,” “tri-pod” and “jacket” foundations for its shorter manufacturing period and lower cost.
It is the first time for GS Entec to introduce such technology in Asia. Currently, it is difficult to secure renewable energies like solar power on land in Asia. Meanwhile, countries like South Korea, Taiwan and Japan have rich maritime resources, so they have been expanding green energy policies based on offshore wind power.
GS Group has strengths in energy businesses such as oil refining and power generation, and it is operating a number of renewable energy generators such as the GS EPS, GS E&R and GS Power.
In particular, GS E&R, the leading company in the Korea Wind Energy Industry Association, is operating a wind farm and it is expected to expand the group's overall new eco-friendly business with GS Entec's entry into the offshore wind business.
GS Group is actively seeking new growth engines for the future eco-friendly business by investing 10 trillion won ($7.6 billion) in the next five years. Here, GS Entec will take part in its parent company's environmental, social and corporate governance management practices as well as create synergy with sister companies.
“It is society's and our customers' request to pursue environmental sustainability. It comes as our top priority when we promote our new projects along with energy reduction and the efficiency of existing projects,” GS Group Chairman Huh Tae-soo said.