Energias de Portugal's renewable subsidiary EDP Renewables (EDPR), Norwegian engineering firm Aker Solutions and WindPower Korea have formed a consortium to build a 500 MW floating wind project off Ulsan in South Korea. US company Principle Power is pulling out of the project, although it will remain a supplier. No commissioning date has been announced.
A memorandum of understanding was signed in January 2019 between WindPower Korea and the city of Ulsan to develop wind turbine manufacturing in the region. The project off Ulsan will be probably included in EDPR's announced joint venture with Engie, which intends to have between 5 GW and 7 GW of offshore wind plants in operation or construction by 2025.
South Korea plans to develop 13 GW of offshore wind capacity within 11 years and targets a 20% share of renewables in the electricity mix by 2030.