Korea's GS Entec joins hands with Sif to enter offshore wind power market

[Source: Sif]

South Korea’s GS Entec Corp. has signed a strategic partnership with Sif Netherlands BV (Sif), a global leader in offshore wind power foundations, to advance into the offshore wind farm equipment market.

According to industry sources on Sunday, GS Entec, a producer of plants and energy equipment under GS Global, closed a deal with Sif from the Netherlands to introduce monopile technology for the first time in Asia.

Sif, founded in 1948 as a manufacturer of thick tubular steel structures, has transitioned towards a total solution provider of offshore wind monopile foundations. Today, it holds the No.1 market share in global wind power.

Under the strategic partnership, GS Entec is granted a license to manufacture monopolies foundations and transition pieces developed by Sif to introduce them in Asia. The technology consists of a cylindrical structure of large steel plates welded together, used as a foundation for installing offshore wind power generators. It is preferred to the existing technologies, including floating foundations, thanks to its shorter manufacturing period and low cost. Its global market will likely reach 88 trillion won ($67.48 billion) by 2030.

Advancing into the market, GS Entec plans to transform from plant equipment manufacturing to an eco-friendly equipment provider. It will target the Asian market, where countries like Japan and Taiwan seek green energy policies based on offshore wind power, as it is difficult to secure renewable energies like solar power on land.

The firm pursues an eco-friendly path, as its parent firm GS Group has been actively seeking new growth engines for green businesses by investing 10 trillion won in the next five years.

“It is our society and customers’ call on us to pursue environmentally sustainable business. It comes as our top priority when we promote our new projects,” said GS Group Chairman Huh Tae-soo.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]