DNV has signed a Memorandum of Understanding (MOU) with Korean floating solar PV (FPV) suppliers which will explore business cooperation opportunities with the aim of increasing the number of FPV plants in Korea and globally, as the energy transition accelerates.

Under this MOU, DNV, the independent energy expert and assurance provider, will be collaborating on prospective business opportunities in the global FPV market with Korean partners which 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.

The parties will exchange technical and proprietary information and know-how to develop and design systems in accordance with the requirements and practices of the global FPV market. The partners will identify projects and markets of mutual interest to the parties and cooperate on joint marketing initiatives. They will also test and verify that these FPV solutions can perform reliably in saline environments.

Floating solar has huge potential in areas where difficult terrain, land scarcity and competition for land may pose challenges to the development of ground-mounted solar systems. According to DNV estimates, the overall installed capacity of FPV will range between 10 and 30 GW by 2030. South Korea is taking an active role in this market with the Ministry of Environment’s announcement of a plan to install 2.1 GW of floating PV capacity by 2030.

Innovation has been key for most South Korean companies, which has seen their home-grown firms investing heavily in R&D and product development – factors which have enabled Korean companies to reap much success.

Dr. Lim Dong Ho, Market Area Manager for Korea, DNV states: “The signing of this MOU represents a new level of collaboration between Korean FPV suppliers and marks the beginning of a partnership that is focused on innovation and accelerating the energy transition. In recent years, DNV has been involved in helping Korean domestic clean energy component manufacturers expand their reach to international markets. The signing of the MOU will lay the groundwork for the wider adoption of FPV plants in South Korea and the rest of the world.”

Brice Le Gallo, Vice President and Regional Director APAC, Energy Systems at DNV adds: “Floating solar is an important element in Korea’s plan to achieve its net zero target by 2050. With eight of the top 10 markets for FPV demand sitting in Asia, this MOU involving Korean manufacturers is timely and couldn’t have been founded at a better place, focused on the key growing markets. The improvement in the quality and reliability of the solutions shaped by this partnership will allow investors to be better-placed to take up FPV opportunities.”