Ocean Winds and Aker Offshore Wind reach key electric business license milestone for floating offshore wind project in South Korea
25 January 2022
Korea Floating Wind (“KF Wind”), a joint venture between Ocean Winds (66,7%) and Aker Offshore Wind (33,3%), has obtained its first Electric Business License (EBL) from the Ministry of Trade, Industry and Energy of the Republic of Korea for a capacity of 870MW, a key step toward realizing what will be part of the largest and first commercial scale floating wind farm in the world.
The EBL is a mandatory requirement to generate and supply electricity in South Korea and grants KF Wind exclusive development rights to realize the project. KF Wind expects the second EBL to follow for a capacity of 450MW and continues to mature the project with the objective of reaching financial close in 2024.
“The EBL is a major milestone in the development of the project and the result of the great work by the KF Wind team. Securing the EBL will allow KF Wind to continue with its investment plan and to create local jobs in South Korea. We will continue our cooperative work with all stakeholders, including local fishermen and organizations, to make this project a reality,” said Guzman Figar, Project Director of KF Wind.
“Ocean Winds is very proud to contribute to South Korea’s important commitments in terms of clean energy production and environmental protection. Thanks to the commitment of our teams and the relationships built within the region, the emission of the EBL represents one step closer to our goal of 1.2 GW projects in Ulsan, powering the equivalent of over 1.3 million households and reducing nearly 3 million tCO2eq greenhouse gas emissions every year. An undeniable breakthrough for Ocean Winds, for KF Wind and for South Korea,” said Grzegorz Gorski, Chief Operating Officer of Ocean Winds.
“We are very pleased by this timely grant of the first Electric Business License, confirming the strong support we receive in South Korea to make offshore wind a national ambition. Our proven floating technology from Principle Power will enable a faster industrialization of the supply chain to deliver with our partners in South Korea the job creation associated with the first large commercial scale floating windfarm,” said Philippe Kavafyan, Chief Executive Officer of Aker Offshore Wind.
South Korea aims to generate 20 percent of its power from renewable sources by 2030, of which 12GW from offshore wind. At COP26, the South Korean government committed to reduce greenhouse gas emissions by at least 40 percent by 2030 from a 2018 peak.
For further information, please contact:
Ocean Winds: Jose Miguel Mesa, [email protected]
Maria Lanza Knudsen, media contact, +47 48 44 24 26, [email protected]
Christian Yggeseth, investor contact, +47 915 10 000, [email protected]
About KF Wind
KF Wind is a project being developed offshore Ulsan, South Korea. KF Wind is a joint venture company owned by Ocean Winds (66.7 percent) and Aker Offshore Wind (33.3 percent). The first EBL of 870MW is KF Wind’s exclusively while the second EBL is a partnership between KF Wind and Kumyang Co.
- Capacity: EBL capacity at 1,320MW (EBL1 870MW + EBL2 450MW)
- Location: 80km off the coast of Ulsan, South Korea
- Power generation: 4,000GWh of electricity annually to power the equivalent of over 1.3 million households
- Environmental benefits: Reduce nearly 3 million tCO2eq greenhouse gas emissions every year
For more information visit www.koreafloatingwind.kr
About Ocean Winds
Ocean Winds (OW) is an offshore wind energy joint venture owned 50:50 by EDP Renewables and ENGIE. Both companies believe that offshore wind is becoming an essential part of the global energy transition, which will lead to rapid growth in the sector and increased competitiveness. They have therefore included their entire portfolio of existing and ongoing offshore projects in the new company.
OW has a strategic advantage and a privileged position to play a leading role in the offshore market. EDPR and ENGIE have combined their offshore wind assets and project portfolio in OW, starting with a total of 1.5 GW under construction and 4 GW under development, with a target of 5-7 GW of projects in operation or under construction and 5-10 GW in advanced stages of development by 2025.
OW, headquartered in Madrid, currently has a presence in 8 countries and is mainly targeting markets in Europe, the United States and selected geographies in Asia, where most of the growth is expected to come from.
About Aker Offshore Wind
Aker Offshore Wind is an offshore wind developer focused on assets in deep waters and specialized on floating energy systems. With global operations, the current portfolio consists of development projects and prospects located in Asia, North America and Europe. Aker Offshore Wind effectively deploys cost effective technologies from decades of offshore energy development. The company is majority-owned by Aker Horizons, an investment company dedicated to creating value and reducing emissions from renewable energy and decarbonization technologies. Aker Offshore Wind [AOW-ME] is listed on Euronext Growth in Oslo, Norway.
Korea Floating Wind (“KFW”) was established by two offshore wind energy companies, Ocean Winds and Mainstream Renewable Power, along with the Korean electricity specialist Kumyang Electric Co. Together the partnership has a unique mix of capabilities and experience to deliver successful projects.
Two floating projects are being completed by KFW; the 870 MW KFW project, and the 450 MW East Blue Power (“EBP”) project.
KFW is a participant in the world’s largest group of floating wind farms, the Ulsan Floating Windfarm, which will have a total capacity of 6 GW. KFW projects will cover an area of over 240 km2 which can accommodate approximately 1.2 GW (net capacity).
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