Aker, EDP to develop 500MW floating wind farm in South Korea
Aker Solutions and EDP Renewables are joining forces with Wind Power Korea to develop a floating wind farm in South Korea, which will have an initial capacity of 500MW.
The floating wind project will be built off the coast of Ulsan Metropolitan City.
The consortium formed by the companies follows the investment made by EDP Renewables and Aker Solutions in the project development company Korea Floating Wind Power (KFWind), to join founding partner WindPower Korea.
The new floating wind farm in South Korea will be using WindFloat foundation technology provided by Principle Power, which also played a role in initiating the KFWind project portfolio. The WindFloat technology will enable the installation of floating platforms in deep waters that were otherwise unreachable in the past while having the best wind resources in South Korea.
The consortium will work to support the renewable energy plans of South Korea, which is looking to install 13GW of offshore wind capacity by 2030 to go along with a renewable energy target of at least 30% by 2040.
KFWind and the City of Ulsan had signed a memorandum of understanding in January 2019 to contribute towards the development of floating wind projects and support the industrial development of the region to help it become a manufacturing center for domestic and export offshore wind markets.
The Ulsan region is said to be suitable for commercializing floating wind as the city has shipyards, maritime expertise, and port facilities.
EDP Renewables and Aker Solutions acquired a considerable stake in KFWind from WindPower Korea and from Principle Power. While WindPower Korea will continue to be a minority shareholder in the South Korean floating wind project, Principle Power has disposed of its entire stake in it to focus on expanding its core technology and services business in the Korean market.
The financial aspects of the proposed floating wind farm in South Korea have not been disclosed.