Equinor ASA (EQNR Quick QuoteEQNR - Free Report) has entered into a memorandum of understanding (MoU) with Korea-based utility, Korea Southern Power (“KOSPO”), to investigate potential collaboration on wind initiatives offshore South Korea.

Per the MoU, the companies will examine the possibility of establishing offshore wind farms near Chuja Island, aiming to contribute to Korea’s goal of enhancing its renewable energy portfolio by 20% by 2030 and achieving net-zero targets by 2050.

The collaboration will involve a mutual exchange of knowledge and experience in the construction and operational management of offshore wind power between the two companies.

The partnership represents a noteworthy stride in achieving Equinor’s collective vision for a sustainable energy future. The initiative showcases the potential achievements arising from collaborative efforts in combining expertise, technology and commitment, aiming to realize a more sustainable energy mix for Korea.

The MOU with EQNR will significantly support the expansion of KOSPO’s renewable energy business. It serves as a cornerstone for KOSPO’s shift toward a low-carbon power generation system and positions the company to take a leading role in the future energy industry.

In recent years, Korea has deepened its engagement with European entities. In January 2022, KOSPO entered into an MOU with Danish renewables developer Orsted for the collaborative construction of an 800-MW offshore wind farm. This project is slated to be a key component of a significant 1.6GW offshore cluster.

Speaking about Equinor’s other activities in Korea, the company recently entered into two agreements with Korean companies, one pertaining to the 750-MW Ulsan Firefly floating offshore wind farm and the other concerning the up to 1.5-GW Hoopoong and Chujin wind projects, situated around 10-40 kilometers east and west of Chuja Island.

Zacks Rank & Stocks to Consider

Equinor currently carries a Zack Rank #3 (Hold).

Investors interested in the energy sector might look at the following companies that presently carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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