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POSCO and CIP enter green hydrogen business cooperation

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POSCO Energy will collaborate on offshore wind power and green hydrogen projects with CIP (Copenhagen Infrastructure Partners), one of the world’s major renewable energy asset managers.

POSCO ENERGY was hosted on the 17th at CLUB WITH on the 19th floor of the POSCO Center’s West Building in Seoul, with dignitaries such as POSCO Energy President Jeong Ki-seop, CIP Chairman Jakob Barul Poulsen, Danish Ambassador to Korea Einar Hebogard Jensen, and others in attendance. A Memorandum of Understanding was inked to collaborate on wind energy and green hydrogen business growth.

According to the MOU, the two businesses want to work together on offshore wind power and green hydrogen projects in the future. Joint development of offshore wind power projects, supply chain collaboration for offshore wind power projects, green hydrogen business development, and creation and management of a joint working group for hydrogen and offshore wind power are the primary areas of cooperation.

“In the offshore wind power generation business with great potential for future growth, cooperation with CIP, a global renewable energy asset management company, allows us to have business development opportunities not only in Korea but also overseas,” POSCO Energy CEO Jeong Ki-seop said at the signing ceremony. It is believed that it would be possible to build a bridgehead for collaboration in the field of green hydrogen.”

In Jaeun-myeon, Sinan-gun, Jeollanam-do, POSCO Energy is now running a 62.7 megawatt (MW) onshore wind farm. A 300MW offshore wind power generating permission has also been received, and the building is currently ongoing 2.5 kilometers west of Jaeun Island in Sinan-gun. POSCO Group intends to lead efforts to achieve carbon neutrality by developing innovative and renewable energy businesses through POSCO Energy, the company’s energy division.

“Posco Energy, a worldwide integrated energy corporation, is boosting the hydrogen power generating industry,” CIP Chairman Jacob Paulson remarked. We intend to evaluate the worldwide green hydrogen demonstration project, expand, and collaborate closely through economic analysis and knowledge exchange.”

CIP, on the other hand, is a Danish renewable energy asset management firm founded in 2012. Its assets under administration are currently over 18 billion euros (approximately 24 trillion won), and it operates in 14 countries, including Korea. It is building more than 39GW of fixed and floating offshore wind power projects throughout the world, as well as investing in onshore wind, solar, and PtX (Green Hydrogen, Green Ammonia) projects. CIP will spend over 100 billion euros (about 133 trillion won) in the green energy industry by 2030 to accomplish energy transition by COP26 (26th General Assembly of the Parties to the United Nations Framework Convention on Climate Change) in Glasgow, the UK in 2021. We’ve released a plan to expand and accelerate.

Arnes Biogradlija
Creative Content Director at EnergyNews.Biz

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