Vestas Joins 9GW Floating Wind Farm Development in South Korea

According to a statement released by the South Korea’s Ulsan City Government, a Memorandum of Understanding (MoU) has been signed between Vestas – the Denmark based leading wind turbine manufacturer – and Ulsan City Administration, Ulsan Port Authority and Sejin Heavy Industries & Construction meant to foster cooperation between the parties for the development of 9GW offshore floating wind energy complex.

The Mayor of Ulsan Metropolitan City Song Chul-ho, Vestas Group CEO and President Henrik Andersen, Ulsan Port Authority President Kim Jae-kyun, and Sejin Heavy Industries Chairman Yoon Jong-guk were present when the MoU was signed between the parties. The project is expected to be completed by 2030.

According to the MoU, necessary infrastructure will be created by Ulsan City Administration, Sejin Heavy Industries & Construction and Ulsan Port Authority necessary for the development of the wind farm complex. The three players will also carry out site selection.

The city government says that the Vestas will seek multiple ways to participate in the wind farm development project. Parties will cooperate to establish a foundation for industries and enhance regional competitiveness. The MoU says that the project will establish a base for wind energy equipment and materials’ exports. Local employment opportunities will also be created.

In the past, the city government has signed several floating wind MoUs leading developers that includes Equinor, RWE, BayWa R.E., Shell and Green Investment Group (GIG).

Ulsan City is the seventh largest metropolitan of South Korea seated on the Yellow Sea – a key trade route. It has recently risen also as a hub of lithium ion based battery manufacturing driving the global EV sector.

According to the International Energy Association (IEA), South Korea looks to expedite its energy transition by increasing the share of renewable power to 20 per cent by the end of this decade and further it to 30-35 per cent by 2040. The country also wants to phase out coal and nuclear based power plants by developing its hydrogen economy which at present is at a nascent stage.