WindPower Korea, EDP Renewables and Aker Solutions have formed a consortium to develop a 500-MW floating windfarm off the coast of Ulsan City in South Korea
EDP Renewables and Aker Solutions have invested in the development company Korea Floating Wind Power (KFWind), joining founding shareholder WindPower Korea for the project.
Principle Power, which had a role in originating the KFWind project portfolio, will supply its WindFloat foundation for the project.
KFWind signed a memorandum of understanding with the City of Ulsan in January 2019 to co-operate on developing floating wind projects and support industrial development in Ulsan to enable it to serve as a manufacturing hub for domestic and export offshore wind markets.
The project partners said the Ulsan area is well-suited for commercialising floating wind thanks to a combination of industry-leading shipyards, maritime expertise and port facilities.
Development of the floating windfarm will be part of the joint venture (JV) announced in May 2019 between EDP Renewables and Engie. The JV currently has 1.5 GW of capacity under construction and a further 4 GW in the pipeline globally.
Green Giraffe, the specialist advisory firm, advised KFWind.
The consortium said it is “committed to supporting the ambitious renewable energy plans of the South Korean Government, which call for 13 GW of offshore wind to be installed by 2030 with a target of at least 30% renewable energy by 2040.”