The two countries have agreed to establish “the broadest possible relationship” spanning the entire nuclear fuel cycle.

UK-based offshore wind firm Corio Generation and energy giant BP have submitted plans to invest $1.16bn in wind farm projects across South Korea, the UK government announced on Tuesday (21 November).

According to Reuters, Corio is developing eight offshore wind farms in South Korea with a total capacity of 2.9GW, while BP plans to invest in offshore wind farms currently under development in the southern part of the country.

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News about the investment comes as London and Seoul enter talks on Wednesday to increase foreign direct investment (FDI) between the two countries. UK officials hope to unlock £21bn ($26bn) of investment in energy and infrastructure from South Korean businesses. Around £9.7bn will come from the Republic of Korea Sovereign Wealth Fund, while the Shinhan Financial Group will provide another £2bn.

Also on Tuesday, South Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced that it will enter into a clean energy partnership with the UK to expand collaboration in clean energy and establish a high-level dialogue for consultation on these agendas.

As part of the nuclear energy agendas, both countries agreed to establish “the broadest possible relationship” spanning the entire nuclear fuel cycle. This will include building new reactors, nuclear fuel, decommissioning and radioactive waste management.

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“Korea and the UK will be seeking opportunities for cooperation in developing small modular reactors (SMRs), large reactors and advanced nuclear reactors in their countries or another third country,” MOTIE stated in a press release.

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