Recognizing the tremendous potential of Korea's East Sea, Principle Power partnered with Wind Power Korea to originate the 1,000 MW Korea Floating Wind (KFWind) project portfolio off the coast of Ulsan City. In 2019, Ocean Winds and Aker Offshore Wind bought a majority interest in the project, which will use the WindFloat® technology.
The project was sited in consultation with the local fisheries and is located beyond the horizon, approximately 65 km from shore and in water depths averaging 250 m. The project will consist of between 60 and 100 wind turbines, with first power expected in 2026. It represents important progress towards the ambitious renewable energy plans of the South Korean Government, which call for 13 GW of offshore wind to be installed by 2030 and set a target of at least 30% renewable energy by 2040.
TBD (> 10 MW)
Ocean Winds, Aker Offshore Wind, WindPower Korea
South Korea has excellent fundamentals for floating offshore wind: while the mountainous terrain and high population density make the development of terrestrial renewables challenging, Korea is surrounded by deep water on three sides and features a robust national transmission network.
The KFWind joint venture identified the area offshore Ulsan City as being particularly well-suited for floating wind due to relatively high wind speeds and the combination of industry-leading shipyards, maritime expertise, and port facilities in the region. The partners worked hand-in-hand with the local fisheries associations and stakeholders from the beginning to ensure that the project portfolio is well-sited and developed responsibly.
In 2019, Ocean Winds and Aker Offshore Winds acquired a significant stake in KFWind, and have since deployed several floating LiDARs to measure the wind resource at the project site, advancing the project towards construction. Principle Power will provide its WindFloat® technology to the project and has since exited the shareholding to focus on growing its core technology and services business in the Korean market.