October 18 (Renewables Now) - EDP Renovaveis (ELI:EDPR) and Norwegian engineering company Aker Solutions ASA have set up a consortium with Seoul-based WindPower Korea (WPK) with plans to develop a 500-MW floating wind farm off the coast of South Korea.
The two companies acquired a stake in the development company, Korea Floating Wind Power (KFWind), from its founders WPK and US floating wind specialist Principle Power Inc, says a joint statement on Friday. After the stake reshuffle, WPK will stay on board as a minority shareholder, while Principle Power is withdrawing from KFWind.
Principle Power will remain on the project as the supplier of the WindFloat foundation technology.
The developers plan to build the floating wind project off the coast of Ulsan Metropolitan City. In January 2019, the city and KFWind signed a memorandum of understanding (MoU) committing to cooperate on the development of floating wind projects.