500MW floating offshore wind to be developed in South Korea
WindPower Korea, EDP Renewables and Aker Solutions have formed a consortium to develop a 500 megawatt floating wind farm off the coast of Ulsan Metropolitan City in South Korea.
The consortium was formed as EDP Renewables and Aker Solutions, 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.
EDP Renewables and Aker Solutions acquired a significant stake in Korea Floating Wind Power (KFWind) from WindPower Korea, a project developer that remains a minority shareholder, and from Principle Power, a global leader in floating wind technology, which will exit the shareholding. Green Giraffe, a specialist advisory firm focused on the renewable energy sector, advised KFWind. The parties agreed to not disclose the value of the transactions.
The new consortium is committed to support the ambitious renewable energy plans of the South Korean Government, which call for 13 gigawatt of offshore wind to be installed by 2030.
The consortium foresees that a potential project will contribute with significant positive economic and environmental benefits to the local community. The wind farm will use the cutting-edge 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.
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