The South Korean offshore wind market is generating buzz with the latest MOU between Hyundai Asset Management and Cyan Renewables.
The MOU between Hyundai and Cyan Renewables is one of the more significant ones. Hyundai is a big name in South Korea, particularly within offshore wind, and has big plans to develop offshore wind projects in South Korea. On the other hand, Cyan Renewables is in the process of carving out its place in the offshore wind market. With plans to build installation vessels, cable vessels, and SOVs, Cyan means business. Cyan Renewables teaming up with Hyundai Asset Management means Cyan’s ambitious plan to build a fleet will materialize, primarily supporting the South Korean market, but also presenting huge opportunities on the horizon from South Korea down to Australia.
Image Source: Kongsberg Maritime (Hyundai Frontier turbine installation in South Korea)
