Ocean Winds, Aker obtain licence for 450 MW of additional capacity in Korea

Image: Aker Offshore Wind.

March 3 (Renewables Now) - Ocean Winds, a partnership shared 50/50 by EDP Renewables SA (ELI:EDPR) and Engie SA (EPA:ENGI), and its Norwegian partner Aker Offshore Wind AS have secured their second licence to build an offshore wind farm in South Korean waters.

Korea Floating Wind, in which Ocean Winds has a 66.7% stake and Aker owns the rest, has received an Electric Business License (EBL) from the Korean Ministry of Trade, Industry and Energy for a new project of 450 MW capacity. This will add to the initial 870 MW that the joint venture will add under an EBL awarded to it in January 2022.

Both projects will utilise floating platforms and will form a combined complex of 1.32 GW, with 1.2 GW of grid capacity, that can generate enough power to meet the electricity demand of more than 1.3 million homes. The wind farms will be installed off the coast of Ulsan.

While the first project is KF Wind’s exclusively, the second is a partnership between the JV and Kumyang Co Ltd (KRX:001570). KF Wind said it has already launched most of the field studies and is continuing its engagement with key local users. It expects to receive the required permits next year and to reach financial close in 2024.

"KF Wind could contribute up to 77% of content manufactured in Korea, of which around 63% would be fabricated in the Ulsan area, resulting in the creation of thousands of jobs and the reindustrialization of the region," said Grzegorz Gorski, chief operating officer of Ocean Winds.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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