The Ministry of Trade, Industry and Energy of South Korea has awarded an Electric Business License (EBL) to Korea Floating Wind (KF Wind), the joint-venture (JV) of Ocean Winds (a 50-50 joint venture between EDP Renewables and Engie, 66.7%) and Aker Offshore Wind (33.3%) for an offshore wind capacity of 450 MW off Ulsan. The EBL is a mandatory requirement to generate and supply electricity in South Korea and grants KF Wind exclusive development rights to realise the project.
In January 2022, the group won a first EBL for an 870 MW floating wind project; the second EBL grants KF Wind exclusive development rights in the East Blue Power area and will enable the company to develop a 1,200 MW floating wind project offshore Ulsan. KF Wind aims at securing all permits in 2023 and at reaching financial close in 2024. The Ulsan floating wind project could be operational in 2028.
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