Canadian energy company Northland Power has signed an agreement to acquire the South Korean offshore wind developer Dado Ocean Wind Farm.
Dado Ocean has multiple early-stage offshore wind development sites in Chodo-ri and Sonjuk-ri of Yeosu City, 35 kilometres off the southern coast of the Korean Peninsula, and together these projects will be developed over the coming years, Northland Power said.
The company is currently owned by Eui Jeong Hwang 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.
“This agreement builds on Northland’s strategy to pursue opportunities in South Korea,” said Mike Crawley, President and Chief Executive Officer of Northland.
“We are excited to be part of Korea’s energy transformation as it looks to the future with the government’s Renewable Energy 3020 Program, that aims to achieve 12.0 GW of offshore wind capacity by 2030.”
Northland’s current portfolio in Asia includes a 60% equity stake in the 1,044MW Hai Long offshore wind project under development in Taiwan, and a joint venture to pursue offshore wind development opportunities in Chiba Prefecture, Japan.