South Korea To Invest $26.5 Billion For World’s Largest Floating Wind Farm

Ulsan City in South Korea has officially launched a major new project to build the world’s largest floating offshore wind farm.

The project, announced on November 5, will have four floating wind farms with a total capacity of 6.2 gigawatts (GW), almost equivalent to the power of six nuclear reactors.

The total investment in the project is expected to exceed $26.5 billion, with international and domestic companies collaborating to make it happen.

The companies involved are Firefly Energy from Norway, Haeuli Offshore Wind Power from Denmark, KF Wind from Spain and Norway, and Gray Whale Offshore Wind Farm, a partnership between South Korean, UK, and French firms.

The wind farms are set to be completed by 2030 and 2031.

Ulsan is considered as the most suitable location for wind farms, not only because of its location off the coast, but also because it is home to South Korea’s shipbuilding industry.

Local officials believe the project will contribute to the economy and attract investment from both domestic and foreign energy technology companies.

The city also expects the wind farm projects to have a major impact on South Korea’s energy transition program. The country plans to reduce its usage of coal and nuclear power while increasing its reliance on renewable energy sources.

The wind farms will be developed in a region with consistent winds of about 18 mph, making it an ideal spot for offshore wind power.

Ulsan City officials predict that the floating wind farms will help the region become a global hub for offshore wind energy, generating job opportunities and technical advancement.

Ulsan Mayor Kim Doo-gyeom discussed the project’s importance in South Korea’s energy transition, saying that the city will provide full support to ensure its success.

The collaboration includes four projects: a 750 MW wind farm led by Norway’s Equinor, a 1.5 GW project by Haeuli Offshore Wind Power, a 1,125 MW facility from KF Wind, and another 1.5 GW wind farm from Gray Whale Offshore Wind Power.

Reference: koreabizwire