SEOUL (Reuters) - South Korea's Ministry of Trade, Industry and Energy said on Wednesday British-based offshore wind firm Corio Generation and BP (LON:BP) PLC have submitted investment plans for wind farm projects in South Korea totaling $1.16 billion.
The projects, which had been in the works, are additional signs of carbon-free energy cooperation between Britain and South Korea on top of Tuesday's announcement that South Korean businesses plan to invest 21 billion pounds ($26.17 billion) in British renewable energy and infrastructure projects.
The announcements were made during South Korean President Yoon Suk Yeol's state visit to Britain.
Corio is developing eight offshore wind farms totaling 2.9 Gigawatts in South Korea, while BP plans to invest in offshore wind farms under development on the southern coast of the Korean Peninsula, and plans to expand its investment in South Korea's renewable energy sector, according to the industry ministry's statement.
The investments are expected to increase demand for equipment made in South Korea such as tower structures, turbines, and power cables, and support the local economy and create jobs, the industry ministry said.