More European offshore wind power firms exit Korea

Choi Woo-jin, then-head of Corio Generation's Korean unit, speaks during the Offshore Wind Supply Chain Conference & Exhibition in Busan in June 2024. Courtesy of Corio Generation

European companies with extensive experience in offshore wind power are leaving Korea or downsizing their operations here, fueling uncertainty over the government's plan to shift from fossil fuels to renewable sources.

Corio Generation, a British offshore wind power firm owned by Macquarie, disbanded its Korean unit last month following its withdrawal from joint offshore wind projects in Busan and Ulsan.

Earlier this year, Germany’s RWE quit offshore wind projects in Taean County, South Chungcheong Province, and Sinan County, South Jeolla Province.

Denmark’s Vestas announced last year an indefinite postponement of its offshore wind turbine factory construction in Mokpo, South Jeolla Province, while Norway’s Equinor began reducing its workforce at the Korean office amid uncertainty over its offshore wind power project in Ulsan.

In 2024, London-based Shell exited the Korean offshore wind market after selling its 80 percent stake in a joint project in Ulsan to its Swedish partner Hexicon.

These European companies largely attributed their withdrawals and downsizing to worsening profitability in the global offshore wind market, partly due to recent moves by the U.S. government that have weakened the sector.

Corio’s liquidation was part of Macquarie’s global restructuring of its offshore wind business. After failing to sell Corio in 2025, Macquarie decided to shut down the company.

“As of April 1, Corio Generation is no longer operating as a standalone business. Macquarie Group will continue to manage a number of Corio’s former projects,” the Australian asset manager wrote on the British firm’s website.

Shell’s withdrawal from Korea was also part of the British company’s global strategy to step away from offshore wind projects. When it decided to sell its stake in the Ulsan project, Shell also exited wind projects in Ireland and France.

Foreign offshore wind power companies claim they face difficulties convincing the Korean military and residents before launching projects.

Complaints also persist about government policies viewed as favoring Korean companies and public institutions, given the offshore wind competitive bidding roadmap prioritizes domestic supply chain contributions and participation by local public institutions.

As policies exclude foreign companies with more experience than domestic firms, concerns are growing over whether the government can achieve its goal of generating 3 gigawatts of electricity annually from offshore wind farms by 2030.