Hyundai Steel Industry wins $450 million offshore wind contract in South Korea

A rendering of the Shinan Ui offshore wind farm/ Courtesy of Hyundai Steel Industry
SEOUL, January 07 (AJP) - Hyundai Steel Industry, a unit of Hyundai Engineering & Construction, said on Wednesday it has won a $450-million contract to manufacture and install substructures for an offshore wind farm in South Jeolla Province.

The company signed a deal with Hanwha Ocean covering fabrication and installation of substructures for the project. The contract is valued at 611.5 billion won ($450 million), with work scheduled to run from this month through January 2029.

Hyundai Steel Industry said it will apply the “pre-piling” method for the first time in South Korea, a technique that involves installing piles before placing the substructure. The approach is expected to shorten construction schedules and improve installation accuracy.

The Shinan Ui offshore wind farm is a large-scale project that will build 390 megawatts of generating capacity in waters southeast of Uido in Shinan County, South Jeolla Province.

Hyundai Steel Industry has accumulated offshore wind construction experience at home and abroad since taking part in the Tamra offshore wind project in 2012, South Korea’s first commercial offshore wind farm. Its portfolio includes projects in Taiwan, Hallim on Jeju Island and Jaeun in South Jeolla Province.

“This Shinan Ui project will be an opportunity to elevate South Korea’s offshore wind construction technology to the next level,” Park Yong-seop, executive director and head of Hyundai Steel Industry’s offshore wind business division, said in a statement.
Jeong Bo-un 기자 dkwndl@economidaily.com