According to local media, South Korean steel company Hyundai Steel has signed a contract worth 611.5 billion South Korean won ($416.8 million) for the supply of foundation structures for an offshore wind energy project off the coast of Sinan, South Korea.
Under a contract between Hyundai Steel and local shipbuilder Hanwha Ocean, Hyundai Steel will supply key foundation components, including monopiles and transition elements, for the wind farm's turbines, as part of the project's transition to large-scale renewable energy infrastructure. Hanwha Ocean recently assumed the role of the design, procurement and construction contractor for the project.
Strategic role in South Korea's energy transition
The Shinan contract, which runs until January 2029, positions Hyundai Steel as an important industrial partner in South Korea's offshore wind energy sector, which is rapidly expanding amid national renewable energy targets. The company's role in the supply of structural steel for foundation systems underscores the importance of steel manufacturers in expanding the use of offshore wind. The power project's capacity will be 390 MW.
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