HD Hyundai Heavy Industries (329180) is accelerating its offshore wind business after winning an order for the Taean offshore substation project.
HD Hyundai Heavy Industries said on the 2nd that it signed a contract with Taean Wind Power on the 1st to carry out engineering, procurement, construction, installation and commissioning (EPCIC) of the Taean offshore substation. Taean Wind Power is a joint venture of Singapore's Vena Energy, Denmark's Copenhagen Infrastructure Partners (CIP) and Korea Western Power.
The company had already signed a pre-design contract for the project in March and a preferred supplier agreement in July, and the latest deal puts the project in full swing.
An offshore substation is a core facility that transmits electricity generated by wind turbines at an offshore wind farm to land. The Taean offshore substation will raise the voltage of power produced at a 500-megawatt offshore wind farm to be built in waters near Gaeuido, Taean County, and send it ashore.
HD Hyundai Heavy Industries obtained basic design verification from Norway's DNV last year for its in-house 500 MW offshore substation model, and completed detailed design verification in August. It became the first domestic offshore substation project to win recognition for design conformity and safety under international rules and standards.
Using the project as a springboard, HD Hyundai Heavy Industries plans to seek cooperation in follow-up domestic offshore wind projects pursued by Vena Energy, CIP and Korea Western Power.
"Based on our accumulated offshore plant capabilities, we will carry out this offshore substation project reliably," an official at HD Hyundai Heavy Industries said. "We will secure additional business opportunities in renewable energy going forward and strengthen our competitiveness in the related market."
