The Norwegian Company Is Working Hard on a Floating Offshore Wind Farm in South Korea, Alongside Local Partner WindPower Korea and EDP Renewables
The construction of this wind farm involves EDP Renewables, one of the largest producers of wind energy in the world, and Aker Solutions, an engineering and technology company with 40 years of experience in offshore projects, which invested in the development company Korea Floating Wind Power (“KFWind”), joining the founding shareholder WindPower Korea. Principle Power, which played a role in originating the KFWind project portfolio, will provide its proven WindFloat® foundation technology for the project.
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The new consortium is committed to supporting the ambitious renewable energy plans of the South Korean government, which call for the installation of 13 gigawatts (GW) of offshore wind energy by 2030 and set a goal of at least 30% renewable energy by 2040. KFWind signed a memorandum of understanding with the city of Ulsan in January 2019 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 Ulsan area is suitable for the commercialization of floating wind due to the combination of leading industry shipyards, maritime expertise, and port facilities in the region. The consortium anticipates that a potential project will provide significant positive economic and environmental benefits to the local community. The wind farm will utilize advanced WindFloat technology, which allows the installation of floating platforms in deep waters that were previously inaccessible and where the best wind resources in Korea can be harnessed. From the outset, the consortium has committed to working together with local fishing associations and stakeholders to ensure that projects are well-located and developed responsibly.
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The Major Players in This Industry
The consortium has the support of established industry leaders in renewable energy generation and project development abroad, combined with local market knowledge and sector expertise provided by WindPower Korea.
EDP Renewables, a majority-owned subsidiary of the Portuguese energy company EDP, is a leading wind energy producer with operations in 14 countries. The wind farm will be included in the joint venture announced between EDP Renewables and Engie, aimed at becoming one of the top five offshore wind operators in the world, created to capitalize on offshore wind opportunities worldwide. Currently, the EDP Renewables / Engie JV has 1.5 GW of capacity under construction and another 4 GW in the pipeline globally.
The company has a solid commitment to the Windplus consortium, which is expected to deploy the three largest offshore wind turbines on a floating platform to date in the WindFloat Atlantic project of 25 MW currently under construction in Portugal. Therefore, EDP Renewables has unique experience in floating offshore energy generation.
Aker Solutions is owned by Aker ASA, an industrial investment company with stakes in several maritime and energy firms. Aker Solutions provides offshore engineering and technology solutions globally and has delivered more than 60% of the world’s semi-submersible floating structures.
About the Transaction
EDP Renewables and Aker Solutions acquired a significant stake in KFWind from WindPower Korea, a project developer that remains a minority shareholder, and from Principle Power, a global leader in floating wind technology, which will exit the shareholding to focus on the growth of its core technology and service business in the Korean market.
Green Giraffe, a consulting firm specializing in the renewable energy sector, advised KFWind. The parties agreed not to disclose the value of the transactions.
Source: Aker Solutions

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