Major new tidal energy project set for South Korea
Dutch company Tocardo Tidal Turbines and South Korean energy company Ekornergy to deliver 28MW £182m project in Mokpo Jeonnam region
South Korea has announced plans to develop a major new tidal energy project off the country’s south west coast in a region with some of the strongest tidal streams on earth.
Dutch company Tocardo Tidal Turbines announced on Tuesday that it has signed a Memorandum of Understanding with South Korean energy company Ekornergy to deliver the project.
As part of the agreement, Tocardo will install 28MW of capacity in the Mokpo Jeonnam region, starting with a 3MW project in late 2015, with 25MW of capacity scheduled for installation in 2016.
According to estimates, the project will cost between £154 million and £182 million.
The Mokpo Jeonnam region has some of the strongest currents on earth with tidal speeds reaching four metres per second.
The development will be one of only a handful of commercial-scale tidal energy projects operating worldwide.
Hans van Breugel, chief executive of Tocardo, said: "This is a major step towards accelerating Tocardo's expansion into large-scale tidal energy projects across the globe. We're looking forward to working with Ekornergy and other Korean partners to seize this opportunity to supply the Korean grid with significant amounts of clean and reliable energy, helping reduce the country's carbon emissions."