WindPower Korea, EDP Renewables and Aker Solutions have formed a consortium to develop a 500MW floating wind farm off the coast of Ulsan Metropolitan City in South Korea.
EDP Renewables and Aker Solutions have formed the consortium by investing in Korea Floating Wind Power (KFWind), which was founded by 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 have acquired a significant stake in KFWind from WindPower Korea and Principle Power, which will exit from the shareholding to focus on growing its core technology in the Korean market. Value of the transaction has not been disclosed.
EDF Renewables already has experience in floating wind, as it is set to deploy the three largest offshore wind turbines on a floating platform till date at the 25MW WindFloat Atlantic project under construction in Portugal.
The floating wind farm to be developed by the consortium is expected to support the 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 (MoU) with the City of Ulsan in January 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 consortium expects that the floating wind farm will contribute significantly to the local economy and the environment.
The WindFloat technology to be used at the wind farm will enable the installation of floating platforms in deep waters that were previously inaccessible, where the best wind resources in Korea can be harnessed.
The consortium has also committed to working with local fisheries associations and stakeholders to ensure that the project is well-sited and developed responsibly.