ESVAGT and KMC Line’s joint venture to explore S. Korea’s offshore wind market

The new entity aims to support the country’s 2030 offshore wind goal.

Europe's ESVAGT has formed a joint venture with South Korean shipping company KMC Line to tap opportunities in the Asian country’s offshore wind market.

“The new joint venture is well into constructive discussions with partners on several Korean offshore wind farms to be established from 2027 onwards,” ESVAGT said in a statement.

Korea is aiming for 18.3 gigawatts of offshore wind capacity by 2030. 

"The potential of the Korean offshore wind market is very attractive, but as an emerging market it also comes with unknowns. International developers and turbine manufacturers have a heightened focus on using well-known partners and respected suppliers when much else is new. That is to our advantage," said ESVAGT CEO Søren Karas.

James Jonghoon Kim, president & CEO of KMC Line, also noted that combining ESVAGT's expertise and experience in service operation vehicles with KMC Line's regional maritime knowledge “will raise the bar for both safety and service quality in the industry.”

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