WindPower Korea, EDPR and Aker Solutions have formed a consortium to develop an initial 500 MW floating wind farm off the coast of South Korea
WindPower Korea, EDP Renewables (EDPR) and Aker Solutions have formed a consortium with the ambition to develop an initial 500 MW floating wind farm off the coast of Ulsan Metropolitan City in South Korea.
The consortium was formed as EDP Renewables, one of the top wind energy producers globally, and Aker Solutions, an engineering and technology company with a 40-year track record of realising offshore projects, have invested in the development company Korea Floating Wind Power (KFWind), joining founding shareholder WindPower Korea. Principle Power, which had a role in originating the KFWind project portfolio, will supply its proven WindFloat foundation technology for the project.
The new consortium 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 and set a target of at least 30 percent renewable energy by 2040. KFWind signed a Memorandum of Understanding with the City of Ulsan in January 2019 to cooperate on the development of floating wind projects and support the industrial development of the Ulsan region to serve as a manufacturing hub for domestic and export offshore wind markets.
The Ulsan area is well-suited for commercialising floating wind, due to the combination of industry-leading shipyards, maritime expertise and port facilities in the region. The consortium foresees that a potential project will contribute to significant positive economic and environmental benefits to the local community. The wind farm will use the WindFloat technology, which enables the installation of floating platforms in deep waters that were previously inaccessible, and where the best wind resources in Korea can be harnessed.
“The consortium has been committed from the beginning to working hand-in-hand with the local fisheries associations and stakeholders to ensure that projects are well-sited and developed responsibly,” a joint release stated.