German energy company RWE and the Ulsan Metropolitan City will cooperate on the development of floating offshore wind projects off the South Korean coast with an envisaged capacity of up to 1.5 GW.
A corresponding Memorandum of Understanding was signed recently between RWE and Ulsan City, in support of South Korea’s Net Zero 2050 ambition.
The country’s goal is to scale-up offshore wind capacity up to 12 GW and achieve 30 per cent of renewables in the energy production mix by 2030.
”South Korea is transforming its energy mix from nuclear power and coal to renewable energy. Our regional goal is that Ulsan City becomes carbon neutral by 2050. To reach this, we have to harness the good wind resources off the Ulsan coast,” Song Chul-ho, Mayor of Ulsan Metropolitan City, said.
”RWE’s extensive international experiences in developing, building and operating offshore wind projects, brings technical and engineering know-how, as well as risk management capabilities that are crucial. The Ulsan region offers a combination of industry-leading shipyards, maritime expertise and port facilities. I am confident that our cooperation with RWE can unlock untapped potential in renewable energy production as well as for local economy and green job creation in Ulsan.”
RWE has an office in Seoul, staffed with offshore wind experts from South Korea and Europe. The Seoul-based team will continue to work hand-in-hand with relevant authorities, local stakeholders and supply chain partners to ensure that potential floating wind projects are well-sited and developed responsibly and safely, RWE said.
”At RWE we want to further expand our market presence in South Korea – one of the fast growing markets for offshore wind. South Korea’s excellent wind resource in combination with deep waters close to energy demand poses a great opportunity for floating wind,” Sven Utermöhlen, CEO Wind Offshore of RWE Renewables, said.
”The initiative taken by the Ulsan City is exactly what is needed – for developers like RWE as well as the supply chain to take the significant investment decisions required. Our pioneering work in floating, combined with a 20 years’ track record in offshore wind, ensures that RWE is very well placed to supply green energy from floating offshore wind in close cooperation with regional partners.”
The City of Ulsan will provide its government relationships and local network to support RWE, especially during the planning and permitting phase.
After consultations with the relevant authorities, associations and local community, a feasibility study will be conducted to define the plan of developing, constructing and operating floating offshore wind projects off the Ulsan coast.
As recently reported, RWE plans to triple its global offshore wind capacity from 2.4 GW to 8 GW by 2030 as part of its ‘Growing Green’ investment and growth plan.
The company also said that it was well on track to have 1 GW of floating wind either in operation or under construction by 2030.
The most advanced project is the TetraSpar Demonstrator project, which is currently being commissioned off the Norwegian coast near Stavanger in waters as deep as 200 metres, RWE said.