More European offshore wind power firms exit Korea

European companies with extensive experience in offshore wind power are leaving Korea or downsizing their operations here, fueling uncertainty over the government's plan to shift from fossil fuels to renewable sources. Corio Generation, a British offshore wind power firm owned by Macquarie, disbanded its Korean unit last month following its withdrawal from joint offshore wind projects in Busan and Ulsan. Earlier this year, Germany’s RWE quit offshore wind projects in Taean County, South Chungcheong Province, and Sinan County, South Jeolla Province. Denmark’s Vestas announced last year an indefinite postponement of its offshore wind turbine factory construction in Mokpo, South Jeolla Province, while Norway’s Equinor began reducing its workforce at the Korean office amid uncertainty over its offshore wind power project in Ulsan. In 2024, London-based Shell exited the Korean offshore wind market after selling its 80 percent stake in a joint project in Ulsan to its Swedish partner Hexicon. These European companies largely attributed their withdrawals and downsizing to worsening profitab

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