Amid President Yoon Suk Yeol's state visit to the U.K., two major British energy companies on Nov. 22 pledged investment of KRW 1.5 trillion won in Korea's offshore wind power projects. Shown is an offshore wind farm on Jeju Island. (Yonhap News)

By Aisylu Akhmetzianova

Two major British energy companies have pledged investment of KRW 1.5 trillion won in Korea's offshore wind development projects on the occasion of President Yoon Suk Yeol's state visit to the U.K.

The Ministry of Trade, Industry and Energy on Nov. 22 said offshore wind developer Corio Generation and oil and gas giant BP confirmed their combined investment of USD 1.16 billion and submitted investment filings in London.

Corio, which is developing eight offshore wind power complexes with a combined capacity of 2.9 gigawatts in Jeollanam-do Province, Busan and Ulsan, said this latest investment will accelerate its projects in Korea.

BP submitted plans for investment in a similar complex under construction off the southern coast, planning to continue expanding investment in Korea's new and renewable energy sector.

The ministry also said that during the duration of President Yoon's trip, domestic companies such as Hyosung Heavy Industries and Hanwha Aerospace inked deals worth a combined KRW 270 billion through investment declaration ceremonies and business forums in the U.K., for a total result of KRW 1.8 trillion.

"This investment shows how we are strengthening our carbon-free energy cooperation with the U.K., a carbon neutrality leader," Minister of Trade, Industry and Energy Bang Moon Kyu said. "We expect this to help develop our offshore wind power ecosystem, which has huge potential."

aisylu@korea.kr