The renewable energy developer Ocean Winds (OW, a 50:50 joint venture between EDP Renewables and Engie) and the government of the South Korean City of Ulsan have signed a Letter of Intent (LoI) to strengthen cooperation on the development of a 1.2 GW floating offshore wind project located off the south-eastern coast of South Korea.
Under the agreement, Ulsan Metropolitan City will provide its cooperation and support to OW in development, operation, and maintenance of the KF Wind project, while OW will reinforce its commitment to build the project by 2030 and to provide cooperation for technology transfer, manpower training and job creation in the Ulsan area.
The KF Wind project is being developed by a joint venture between Ocean Winds (66.7%) and Mainstream Renewable Power (33.3%).
At the end of 2022, offshore wind accounted for less than 1% of South Korea’s installed capacity (136 MW). South Korea has set a target to reach 12 GW of offshore wind capacity by 2030.
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