November 29 (Renewables Now) - German energy major RWE AG (ETR:RWE) today said it has inked a pact to develop up to 1.5 GW of floating offshore wind projects off the coast of South Korea’s Ulsan City.

The Essen-based company has signed a Memorandum of Understanding (MoU) with the Ulsan Metropolitan City regarding the scheme. RWE’s local team will work with local stakeholders, respective authorities and supply chain partners, while the City of Ulsan will provide its government relationships and local network to support the German firm, especially during the planning and permitting phase, the announcement says.

Now, consultations will be held with relevant authorities, associations and the local community. Then, a feasibility study will be carried out to define the plan of developing, constructing and operating the wind farms.

“South Korea’s excellent wind resource in combination with deep waters close to energy demand poses a great opportunity for floating wind,” said Sven Utermohlen, CEO Wind Offshore of RWE Renewables.

At present, the German firm operates 17 offshore wind parks. Its goal is to triple its offshore wind turbine capacity globally from 2.4 GW now to 8 GW by 2030.

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