Samsung Heavy Industries (SHI) signed a preferred supplier agreement (PSA) with the Norwegian company Equinor. This agreement focuses on the construction of the floating bases to be installed at the Bandibuli offshore wind farm, a large-scale project in South Korea.
SHI announced the signing of a contract with Equinor, which includes the fabrication of floating substructures and the necessary maneuvering operations for the development of the Bandibuli project. This agreement follows an update in June, when both companies confirmed their intention to collaborate on the construction of a floating wind farm off the South Korean coast.
Collaboration and expansion into renewable energies
In June, the CEOs of Equinor and SHI, Anders Opedal and Sungan Choi, respectively, met to discuss the possibility of expanding their collaboration beyond traditional oil and gas. The meeting also covered the area of renewable energy and low-carbon solutions.
Part of the discussions included the use of SHI’s Shinhannae shipyard in Geoje as a base for maneuvering and integrating the wind turbines into the floats, a crucial phase of the Bandibuli project.
Impact of the Bandibuli project on the energy sector
The Bandibuli floating offshore wind farm, also known as Firefly, is projected to reach an installed capacity of up to 800 MW and is expected to be fully operational by 2027. This project has the potential to be the first major joint development between SHI and Equinor in the field of renewable energy. However, the ultimate viability of the project will depend on its selection in the upcoming offshore wind auction in South Korea.
In July, the project received Environmental Impact Assessment (EIA) approval, putting it in a favorable position to compete in the auction. Equinor’s vision is to take advantage of the region’s windy conditions and position South Korea as a leader in floating wind power in Asia.
Commitment to sustainability and the energy future
Since signing a memorandum of understanding with the city of Ulsan in May 2019, Equinor has been working on the development of the floating wind farm in an area about 70 kilometers offshore. The project covers two sites of 75 square kilometers each, and once completed, will make a significant contribution to South Korea’s renewable energy mix.
The collaboration between Samsung Heavy Industries and Equinor strengthens the relationship between the two companies and marks a milestone in the move towards more sustainable energy sources that are less dependent on fossil fuels, a crucial step in the fight against climate change.
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Source: offshorewind
Photo: Shutterstock
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