WindPower Korea, EDP Renewables, and Aker Solutions have formed a consortium with the ambition to develop an initial 500MW 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 the founding shareholder WindPower Korea. Principle Power, which had a role in originating the KFWind project portfolio, will supply its WindFloat foundation technology for the project.
EDP Renewables and Aker Solutions acquired a significant stake in KFWind from WindPower Korea, a project developer which remains a minority shareholder, and from Principle Power, which will exit the shareholding to focus on growing its core technology and services business in the Korean market. 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.
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.
According to the consortium, the Ulsan area is well-suited for commercializing 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 with significant positive economic and environmental benefits to the local community.
The renewable energy plans of the South Korean government call for 13GW of offshore wind to be installed by 2030.