KNOC and Equinor sign MoU for floating offshore wind projects

South-Korean government-owned utility Korea National Oil Corporation (KNOC) and Norwegian multinational energy company Equinor ASA have signed an MoU to jointly explore opportunities to develop commercial floating offshore wind projects in South Korea. The country is pursuing a transition in the energy mix from nuclear and coal to renewable energy. It plans to increase the proportion of renewables in power generation to 20 per cent by 2030, which translates into a target of 49 GW of new renewable energy capacity.