Ocean Winds, Aker Offshore Wind secure license for 870 MW wind farm in Ulsan

The 50/50 joint venture of EDP Renewables SA (EDPR) and Engie SA, Ocean Winds joint venture (JV), has partnered with Aker Offshore Wind AS to develop an 870 MW wind farm located off the coast of Ulsan in South Korea. 

The Ministry of Trade, Industry, and Energy of South Korea has issued an electric business license (EBL) to Korea Floating Wind (KF Wind) JV to develop the project. Ocean Wind owns a 66.7% stake in KF Wind, while the remaining 33.3% stake is owned by Aker Offshore Wind. 

KF Wind plans to secure a second EBL for an additional 450 MW capacity in the same location. The joint venture intends to reach a financial close for the projects in 2024.