A floating offshore wind farm (Image courtesy of the Ministry of Oceans and Fisheries)
ULSAN, Nov. 6 (Korea Bizwire) – International and domestic companies are set to invest 37.2 trillion won in what will become the world’s largest floating offshore wind farm complex off the coast of Ulsan, South Korea.
The Ulsan Metropolitan Government announced on November 5 that it will sign Letters of Intent (LOI) with multiple energy companies for the ambitious renewable energy project.
The participating companies include Firefly Energy (Norway), Haeul Offshore Wind Power 1, 2, and 3 (Denmark), KF Wind (Spain and Norway), and Gray Whale Offshore Wind Power 1, 2, and 3 (Britain, France, and South Korea).
Firefly Energy, which has registered 229 billion won in foreign direct investment (FDI), plans to invest 5.7 trillion won to complete a 750MW floating wind farm by 2030. The facility will be located approximately 70 kilometers off the Ulsan coast.
Haeul Offshore Wind Power has committed 12 trillion won to develop a 1.5GW wind farm complex, also targeting completion by 2030. KF Wind plans to invest 7.5 trillion won to build a 1,125MW facility by 2031, while Gray Whale Offshore Wind Power will invest 12 trillion won to construct a 1.5GW complex by 2031.
The Ulsan government has pledged to facilitate smooth investment processes for all developers involved in the project.
“This floating wind farm complex off Ulsan’s coast will be the largest of its kind in the world,” city officials stated. “Through these agreements, we expect Ulsan to become a global hub for the offshore wind power industry by attracting both domestic and international energy technology and capital.”
Ulsan Mayor Kim Doo-gyeom emphasized the project’s significance beyond local economic benefits: “This project will make a substantial contribution to South Korea’s energy transition policy. We will provide full support to ensure its successful implementation.”
The city is actively promoting floating offshore wind power as part of its commitment to expanding renewable energy in line with carbon neutrality goals and the Special Act on Distributed Energy Promotion.
The LOI signing ceremony was scheduled to take place at Ulsan City Hall on the afternoon of November 5.
Kevin Lee (kevinlee@koreabizwire.com)
