ESVAGT and KMC Line’s Joint Venture to Explore S. Korea’s Offshore Wind Market

ESVAGT, a European service provider, has entered into a joint venture with South Korea's KMC Line to capitalize on the growing offshore wind market in Korea. The agreement was officially signed on May 8 in Seoul, marking the creation of the new joint venture, named KESTO.

In a statement, ESVAGT confirmed that the new venture is already in active discussions with partners regarding several offshore wind farm projects in Korea, which are expected to be developed starting from 2027. This aligns with South Korea’s ambitious plan to achieve 18.3 gigawatts of offshore wind capacity by 2030.

ESVAGT’s CEO, Søren Karas, emphasized the attractiveness of the Korean offshore wind market but also noted that, as an emerging sector, it presents some uncertainties. He explained, "The potential of the Korean offshore wind market is very attractive, but as an emerging market it also comes with unknowns. International developers and turbine manufacturers have a heightened focus on using well-known partners and respected suppliers when much else is new. That is to our advantage."

James Jonghoon Kim, President & CEO of KMC Line, highlighted the complementary strengths of the joint venture. He noted that combining ESVAGT’s experience in service operation vehicles with KMC Line’s local maritime knowledge will improve both safety standards and service quality in the offshore wind industry.

This collaboration between ESVAGT and KMC Line aims to strengthen the foundations for offshore wind projects in Korea, with a focus on safety, efficiency, and leveraging the complementary expertise of both companies.