WindPower Korea, EDP Renewables and Aker Solutions have formed a consortium with the ambition to develop an initial 500 megawatt floating wind farm off the coast of Ulsan Metropolitan City in South Korea.
The consortium was formed as EDP Renewables and Aker Solutions have invested in the development company Korea Floating Wind Power (KFWind), joining founding shareholder WindPower Korea.
Principle Power, which had a role in originating the KFWind project portfolio, will supply its WindFloat foundation technology for the project.
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 WindFloat technology will enable the installation of floating platforms in deep waters that were previously inaccessible, and where the best wind resources in Korea can be harnessed. The consortium has been committed from the beginning to working hand-in-hand with the local fisheries associations and stakeholders to ensure that projects are well-sited and developed responsibly.
EDP Renewables and Aker Solutions acquired a significant stake in KFWind from WindPower Korea, a project developer which remains a minority shareholder, and from Principle Power, which will exit the shareholding.