Europe’s Offshore Wind Giant ESVAGT Charges Into South Korea’s Green Energy Boom

A New Joint Venture Aims to Power Korea’s 18.3 GW Offshore Wind Ambitions

European offshore wind vessel operator ESVAGT is making a bold move into South Korea, betting big on the country’s aggressive renewable energy push. Through a newly formed joint venture—dubbed KESTO—with Korean shipping firm KMC Line, the Denmark-based company is positioning itself as a key player in one of Asia’s fastest-growing offshore wind markets. The partnership, sealed at a high-profile signing ceremony in Seoul, signals a strategic play to capitalize on South Korea’s goal of reaching 18.3 GW of offshore wind capacity by 2030.

“Our customers are pushing us to bring trusted expertise to emerging markets like Korea,” says ESVAGT CEO Peter Lytzen. “This joint venture is a direct response to that demand.”

The event drew over 70 attendees, including industry partners, government officials, and potential clients, underscoring the significance of the deal. KESTO is already in advanced talks to support multiple Korean offshore wind projects slated to begin construction as early as 2027. For ESVAGT, the venture offers a foothold in a market where local knowledge is critical—a gap filled by KMC Line’s deep roots in Korea’s maritime sector, including partnerships with domestic universities and a network of regional stakeholders.

Local Know-How Meets Global Expertise

KMC Line’s CEO, Kim Young-tae, sees the collaboration as a game-changer for Korea’s offshore wind industry. “The market here is expanding rapidly, but safety and service standards need to keep pace,” he says. “By combining our local insights with ESVAGT’s technical prowess, we can elevate the entire sector.” The joint venture will leverage ESVAGT’s decades of experience in European wind farms—where it operates a fleet of specialized service vessels—while tapping KMC Line’s connections to Korean shipbuilders, ports, and training institutions.

South Korea’s offshore wind ambitions are part of a broader push to decarbonize its energy grid, which still relies heavily on coal and gas. The government’s 2030 target would require a massive scale-up from today’s modest capacity, creating a lucrative opportunity for foreign firms willing to navigate the country’s complex regulatory and logistical landscape. For ESVAGT, the joint venture model mitigates risk while ensuring compliance with Korea’s strict local content rules—a lesson learned from other offshore wind markets where partnerships have proven essential.

“This isn’t just about vessels; it’s about building a sustainable ecosystem,” adds Kim. “We’re laying the groundwork for long-term growth.”

As KESTO finalizes its first contracts, the focus will shift to training local crews and adapting European safety protocols to Korean conditions. If successful, the venture could become a blueprint for other foreign operators eyeing Asia’s offshore wind gold rush—where global expertise and local collaboration are equally valuable currencies.