In a pivotal move towards sustainable energy, POSCO International has inked a Memorandum of Understanding (MoU) with Denmark’s Copenhagen Infrastructure Partners (CIP), further bolstering its commitment to offshore wind and green hydrogen business development.
The agreement between POSCO and CIP charts a roadmap for the development of offshore wind projects in Pohang, South Korea. These projects aim to supply renewable energy to POSCO’s Pohang Steelworks and POSCO Future M, two significant industrial entities in the region.
Furthermore, the partners have agreed to collaborate on green business development, notably in the areas of green hydrogen and green ammonia. Both of these initiatives are pivotal to the global push towards carbon neutrality, underlining the strategic and environmental significance of the partnership.
POSCO International’s ambitions to expand its renewable energy business, with a focus on offshore wind power, are emboldened by this agreement. The company’s intention is to penetrate the domestic offshore wind market, an area of significant growth potential, in collaboration with other overseas offshore wind companies operating in Korea.
Recently, POSCO announced its metamorphosis into a ‘global eco-friendly general business company.’ With this transformation, it aims to achieve qualitative growth in the energy business through the expansion of its renewable energy portfolio. According to Jeong Tak, POSCO International Vice Chairman, this MoU provides a golden opportunity to enter the business field in earnest and, moreover, establish a beachhead for cooperation in the green business field.
Already, POSCO has an offshore wind project under development in South Korea – a 300 MW offshore wind farm located west of Jaeun Island in Sinan County. This project, coupled with the recent MoU signed with CIP in May last year, underscores POSCO’s commitment to offshore wind and green hydrogen business development.
In conclusion, POSCO’s cooperative agreement with CIP marks a significant stride in renewable energy business development. By committing to offshore wind and green hydrogen projects, these companies are not only fostering a sustainable business environment but also propelling the global renewable energy industry toward a greener future.
