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DNV signed a Memorandum of Understanding with Korean floating solar PV (FPV), suppliers. This will allow them to explore business cooperation opportunities in order to increase the number of FPV plant globally and in Korea as the energy transition accelerates.
DNV, an independent energy provider and expert, has signed a Memorandum of Understanding (MOU) with Korean partners to explore potential business opportunities in the global market for FPV. This will include:
- steelmaker POSCO
- power and automation solutions provider LS Electric
- floating PV and marina and offshore structures solution provider SCOTRA
- module producer SolarPark and floating PV and land PV structure producer DASCO.
They will share technical and proprietary information as well as know-how in order to design and develop systems that meet the needs and practices of the global FPV marketplace. They will collaborate on marketing projects together and identify markets and projects that are mutually beneficial. They will also verify and test that the FPV solutions work in saline environments.
Floating solar offers huge potential in areas with difficult terrain, limited land availability, and high competition for land. DNV estimates that the total installed capacity of FPV is between 10 and 30 GW in 2030. South Korea has taken an active part in this market, with the Ministry of Environment announcing a plan for 2.1 GW of floating PV capacity before 2030.
South Korean companies have been able to innovate because of the large investments made by their domestic firms in R&D, product development and other areas. This has allowed them to achieve great success.
DNV’s Market Area Manager for Korea Dr. Lim Dong Ho stated that the signing of the MOU marks a new level of collaboration among Korean FPV suppliers. It also marks the beginning of an alliance that is focused on innovation, accelerating the energy transition, and the end of the era of the FPV industry. DNV has assisted Korean manufacturers of clean energy components in expanding their international reach over the past few years. The MOU will set the stage for the wider adoption of FPV in South Korea and around the globe.
Brice Le Gallo (Vice President and Regional Director APAC Energy Systems at DNV) adds that “Floating Solar is an important component in Korea’s plan for achieving its net zero goal by 2050. This MOU between Korean manufacturers and Asian FPV demand markets is timely. It could not have been forged at a better location, with eight of the top ten markets. This partnership will improve the quality and reliability, allowing investors to better position themselves to seize FPV opportunities.”