Northland Power has signed an agreement to acquire Dado Ocean Wind Farm Co Ltd, a development company with multiple early-stage offshore wind development sites near Chodo Island, off the south coast of South Korea
Dado Ocean is currently owned by Eui Jeong Hwang, an experienced wind power developer who will continue to support the project as a local partner, working together with Northland to achieve key milestones for the project. The acquisition is expected to close in the coming weeks, subject to customary closing conditions.
The South Korean projects, which are in early stage development, include multiple development sites located in Chodo-ri and Sonjuk-ri of Yeosu City, 35 km off the southern coast of the Korean Peninsula.
The acquisition builds on Northland’s presence in Asia. It is anticipated that South Korea’s installed capacity will more than double by 2050, with renewables accounting for approximately 59% compared to 8% in 2018. Offshore wind will make up almost half of this renewable generation.
Northland’s current portfolio in Asia includes a 60% equity stake in the 1.04 GW Hai Long offshore wind project, which is under development in Taiwan and a joint venture to pursue offshore wind development opportunities in Chiba Prefecture, Japan.
Northland president and chief executive Mike Crawley said, “This agreement builds on Northland’s strategy to pursue opportunities in South Korea. We are excited to be part of the country’s energy transformation and the government’s renewable energy programme, which aims to achieve 12.0 GW of offshore wind capacity by 2030.”