Daewoo Construction announced on May 17 that it had signed a Memorandum of Understanding with Corio Generation, a global specialist in offshore wind power development, to maximize synergy in offshore wind power generation projects. The agreement was signed at Daewoo Construction's headquarters in Seoul, according to BusinessKorea.
Corio Generation is a global offshore wind power specialist company set up by the Green Investment Group (GIG), a body initially formed by the U.K. government to handle investment, development, and operation of offshore wind power projects. It is currently actively developing projects amounting to approximately 30 GW globally.
Under this agreement, the two companies will prioritize collaboration on the fixed offshore wind power project being developed in Busan with plans to expand their cooperation to the Asia-Pacific region in the future. As a result, Corio, which is developing a number of domestic offshore wind power projects, including those in Busan, will handle investment and project management from business development, while Daewoo Construction will support business development and investment, and participate in Engineering, Procurement, and Construction (EPC) roles.