Korean utility Korea Southern Power (KOSPO) and Norwegian oil and gas major Equinor have signed a memorandum of understanding (MOU) to explore a potential collaboration on offshore wind projects off South Korea’s coast.

Under the agreement, the companies will look at developing offshore wind farms near Chuja Island in a bid to help bolster Korea’s renewables portfolio by 20% by 2030 and meet its net-zero targets by 2050 .

The partnership will see both companies exchange knowledge and experience regarding the construction and operational management of offshore wind power.

Bjørn Inge Braathen, country managing director of Equinor Korea, said: "This partnership with KOSPO marks a significant step towards realizing our shared vision for a sustainable energy future.”

"Working together on the Chuja Island offshore wind projects, we are combining our strengths to not only enhance the development of renewable energy in Korea but also to contribute in a meaningful manner to the nation's goal of achieving carbon neutrality by 2050.

"This project is an example of what we think we can achieve together – pooling our expertise, technology and commitment to realise a more sustainable energy mix for Korea – together,” he added.

Lee Seung-woo, president of Korea Southern Power, said: "The MOU with Equinor will greatly assist in expanding our company's renewable energy business… We hope it will lay the foundation for Korea Southern Power's transition to a low-carbon power generation system and to lead the future energy industry."

Korea has become more involved with European entities in recent years. Last January, KOSPO signed an MOU with Danish renewables developer Ørsted to jointly build an 800MW offshore wind farm. The project is set to be part of a major 1.6GW offshore cluster.

Three weeks ago, South Korea and the UK signed an agreement, the Clean Energy Partnership, to boost their partnership on energy security and accelerate the transition to renewable energy.