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.
Power, which had a role in originating the KFWind project portfolio, will supply its proven WindFloat foundation technology for the project.
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 13GW of offshore wind to be installed by 2030 and set a target of at least 30% renewable energy by 2040. 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.
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 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.
EDPR and AKSO solutions aquired a significant stake in KFWind from project developer WindPower Korea, 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.