Page 9 - AsiaElec Week 22 2021

AsiaElec RENEWABLES AsiaElec

POSCO signs up to support Ørsted’s 1.6-GW

offshore plans in South Korea

P SOUTH Korea’s POSCO has agreed with Ørsted business capabilities of POSCO Group, which
to support the Danish company’s development of includes construction and energy, both compa-
1.6 GW of offshore wind projects off the coast of nies will be able to create synergies for a win-win
Incheon City. collaboration.”
The two have also agreed to work together to Matthias Bausenwein, president of Ørsted
conduct feasibility studies on potential collabo- Asia-Pacific, says: “This MoU is a major step
ration on renewable hydrogen. for Ørsted to deepen our collaboration with
South Korea has set an ambitious target of POSCO, which shares our mindset of taking
installing 12 GW offshore wind capacity by 2030. responsibility for reducing CO2 emissions. We
In September 2020, Korean President Moon look forward to bringing in our experience and
Jae-in further announced the Green New Deal, insights to support Korea in achieving its energy
which targets net-zero emissions by 2050. transition and decarbonisation goals. In addition
For Ørsted, the agreement with Posco rep- to greening the electricity mix, offshore wind can
resents a major step on developing its Incheon become the feedstock for renewable hydrogen,
offshore wind projects. which can help [with] decarbonising sectors that
Ørsted has a well-established relationship cannot be directly electrified such as transport
with POSCO, whose steel business has been one and heavy industry.”
of the Danish company’s strategic global suppli- Ørsted recently started construction of its
ers and a trusted partner delivering over 100,000 first renewable hydrogen demonstration pro-
tonnes of steel for Ørsted’s Hornsea 1 in the UK ject H2RES in Denmark and is involved in nine
and three other offshore wind farms. renewable hydrogen projects in Denmark, Ger-
In December 2020, POSCO Group joined many, the Netherlands and the United Kingdom.
the South Korean government’s decarbonisation POSCO is South Korea’s largest, and the
declaration, announcing its ambition to become world’s fourth-largest, steel producer and now
a leading renewable hydrogen company and has plans to become carbon neutral by 2050.
reaching carbon neutrality by 2050. Part of this will involve the hydrogen supply
Jung-son Chon, POSCO Group senior exec- chain from production to application, as well
utive vice-president, said: “POSCO has placed its as gradually transforming its production into
hydrogen business as one of our growth engines hydrogen-based steelmaking.
for the group and is working to discover renew- Ørsted announced its 1.6-GW plans for South
able hydrogen business opportunities. We hope Korea in November 2020. The wind farms, 70
to see our renewable hydrogen business pick up km offshore, will provide clean energy to power
speed through this business collaboration with up to 1.4mn Korean households and achieve a
Ørsted. Combining the operational know-hows reduction of almost 4mn tonnes of CO2 per year.
of Ørsted, a global company in the field of off- The projects are planned to be commissioned in
shore wind and renewable hydrogen, with the 2026 or 2027.™

Week 22 02•June•2021 www. NEWSBASE .com P9