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POSCO International, CIP to foster offshore wind power, green biz
POSCO International Vice Chairman Jeong Tak, right, and Copenhagen Infrastructure Partners Vice Chairman Torsten Rodberg Smed hold copies of a signed memorandum of agreement in Seoul, Tuesday. Courtesy of POSCO International
By Lee Kyung-min
By Lee Kyung-min
POSCO International, a general trading subsidiary of the country's steel titan POSCO, will partner with Copenhagen Infrastructure Partners (CIP), one of the world's largest green energy asset managers, to advance offshore wind power and green hydrogen businesses in Pohang, North Gyeongsang Province, according to the firm, Tuesday.
POSCO International Vice Chairman Jeong Tak and CIP Vice Chairman Torsten Rodberg Smed signed a memorandum of agreement whereby the two firms will fortify cooperation to bolster businesses in Pohang, where POSCO steel mills and POSCO Future M, a chemical subsidiary of POSCO, are located.
POSCO International is reorienting its business portfolio to foster sustainable growth and future competitiveness in energy, steel, food and new businesses.
It plans to expand its renewable energy business to include offshore wind power, as underpinned by profitable liquefied natural gas (LNG) business.
The ultimate goal is to become a leading local offshore wind business to partner with Korea-based overseas wind businesses for nurturing of promising new wind power players.
POSCO International plans to develop a 300-megawatt (MW) offshore wind farm by 2027 near Sinan County, South Jeolla Province, where a wind farm is located on land.
It then will speed up offshore wind projects in the East Sea, and push up the total wind power energy production to 2 gigawatts (GW).
Jeong said POSCO International is redefining itself as a global green comprehensive business.
“We are driving qualitative growth of the energy business, as bridged by the business agreement with CIP,” he said.
CIP was established in Denmark in 2012. Its assets under management stand at about 28 billion euros (40 trillion won).
CIP has joint offshore wind power business projects with 14 countries.