Hyundai power agreement hailed as ‘confidence’ vote for Scotland
AN agreement by engineering giant Hyundai to pursue opportunities for floating offshore wind power projects has been hailed as a “vote of confidence in Scotland” by Deputy First Minister Shona Robison.
She spoke out after a memorandum of understanding (MOU) was agreed between HD Hyundai Heavy Industries, Scottish Enterprise and Highlands and Islands Enterprise.
The deal is the South Korean manufacturing giant’s first agreement in Europe on floating, offshore, wind manufacturing.
HD Hyundai Heavy Industries is the world’s largest shipbuilding company, and is a major manufacturer of equipment such as the floating substructures that form a critical part of the multi-billion, offshore, wind supply chain.
The agreement comes after First Minister Humza Yousaf announced up to £500 million of investment over the next five years, as part of Scottish Government efforts to attract further private sector investment in ports, manufacturing and assembly work linked to offshore wind.
Ms Robison, who witnessed the agreement being signed in Edinburgh, said it could be “key” in helping Scotland meet its green energy targets.
She said: “This partnership agreement is a vote of confidence in Scotland and our offshore wind industry – demonstrating our ability to develop the international relationships upon which investment that will help us reach our climate targets is founded.
“Scotland’s offshore wind sector is key to our transition to net zero, and this partnership is the next step forward in realising the economic opportunities from our floating offshore wind potential.
“Scottish Enterprise and Highlands and Islands Enterprise are playing a vital role in supporting a fair and just transition for the energy sector.
“Collaborations between our economic development agencies and global leaders with world-class expertise, such as HD Hyundai Heavy Industries, are key to delivering that ambition.
“This collaboration will play a key role in helping Scotland meet its climate targets.”
Hannae Choi, senior vice president of corporate planning division and wind energy business for HD Hyundai Heavy Industries, said: “We are exploring ways to collaborate with various partners to develop the offshore wind market, including establishing a manufacturing supply infrastructure. We plan to expand the market by leveraging our world-class know-how in designing and manufacturing floating structures.”