POSCO Energy to cooperate with CIP in wind power, green hydrogen businesses

CIP Managing Partner Jakob Baruel Poulsen, left, and POSCO Energy CEO Jeong Ki-seop, right, pose after signing a memorandum of understanding to cooperate in offshore wind power and green hydrogen businesses at POSCO Center in Seoul, on May 17. Courtesy of POSCO Energy

By Kim Jae-heun

POSCO Energy has signed a memorandum of understanding (MOU) with Danish renewable energy asset management company Copenhagen Infrastructure Partners (CIP) to cooperate in the offshore wind power and green hydrogen businesses, the company said Tuesday.

The two companies plan to establish a supply chain to provide steel to the developing offshore wind power business, while creating a joint working group and manage it as a green hydrogen business.

"Through our cooperation with CIP in the field of offshore wind power generation project, which has high potential for growth in the future, POSCO Energy will gain the opportunity to develop business not only in Korea but also abroad," POSCO Energy CEO Jeong Ki-seop said. "Furthermore, we expect our partnership to create a bridgehead in the green hydrogen business."

POSCO Energy currently operates a 62.7-megawatt wind power complex in Sinan County, South Jeolla Province. The energy firm also obtained government permission to generate 300 megawatts of offshore wind power in the town and plans to build another plant on the ocean, about 2.5 kilometers west of Jieun Island in Sinan County.

POSCO Group wants to take the lead in efforts to achieve carbon neutrality by pushing ahead with the renewable energy project through POSCO Energy.

"POSCO Energy is a global energy company that is pursuing a hydrogen power generation project and when its mother company, POSCO Group, commercializes steel made with a hydrogen-reduction method, Korea will become the largest hydrogen demanding partner," CIP Managing Partner Jakob Baruel Poulsen said.

Founded in 2012, CIP operates assets of about 18 billion euros (24 trillion won) and is actively engaged in green business in 14 countries around the world including South Korea.

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