ESVAGT and KMC Line Launch Joint Venture in Korea’s Offshore Wind Market

Danish-headquartered maritime offshore wind solution company ESVAGT has announced its entry into the burgeoning South Korean offshore wind market through a joint venture partnership with local shipping company KMC Line. 

The new collaboration, known as KESTO, will combine the technical expertise of ESVAGT with KMC Line’s regional maritime knowledge with the aim to deploy as much as 18.3 GW of offshore wind capacity by 2030. 

The agreement was formalised at a ceremony in Seoul on 8th May as part of South Korea’s rapid transition towards renewable energy. KESTO will be key in this process, as discussions with partners on several new offshore wind farms have already commenced, with projects targeted to begin from 2027 onwards.

“It is our ambition to grow, and we are responding to a request from our customers to be able to draw on known skills and competences in new markets,” said CEO of ESVAGT, Søren Karas, at the signing ceremony. 

“The potential of the Korean offshore wind market is very attractive, but as an emerging market it also comes with unknowns. International developers and turbine manufacturers have a heightened focus on using well-known partners and respected suppliers when much else is new. That is to our advantage”.

President and CEO of KMC Line, James Jonghoon Kim, echoed the statement: 

“The Korean offshore wind market is one of the fastest growing markets. We have a strong industrial base in South Korea but lack experience and the standard of service quality in the offshore wind industry. When we combine ESVAGT’s expertise and experience in SOVs with KMC Line’s regional maritime knowledge, I am convinced that KESTO will raise the bar for both safety and service quality in the industry”.

 

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