EDP Renovavéis (EPDR), in consortium with WindPower Korea and Aker Solutions, will build a floating wind farm with an initial capacity of 500 megawatts (MW) off the coast of the Metropolitan City of Ulsan (South Korea).
The consortium was established through the investment of EDP Renováveis and the engineering company Aker Solutions in the development company Korea Floating Wind Power (KFWind), thus joining the founding shareholder WindPower Korea. Principle Power, which participated in the origination of the KFWind project portfolio, will bring its WindFloat support technology to the project.
This alliance aims to boost the renewable energy plans of the Government of South Korea, which provides for the installation of 13 gigawatts (GW) of offshore wind power by 2030 and meet the objective of using at least 30% renewable energy by 2040
KFWind signed a memorandum of understanding with the Ulsan Metropolitan City in January 2019 to cooperate in the development of floating wind projects and provide support to the industrial development of the Ulsan region to be the manufacturing center for both domestic wind energy markets as export.