Donghae 1 Offshore Wind Farm is a 200MW offshore wind power project. It is planned in Sea of Japan, Ulsan, South Korea. The project is currently in permitting stage. It will be developed in single phase. The project construction is likely to commence in 2022 and is expected to enter into commercial operation in 2024.
| Project Type | Total Capacity (MW) | Active Capacity (MW) | Pipeline Capacity (MW) | Project Status | Project Location | Project Developer | Offshore | 200 | – | 200 | Permitting | Ulsan, South Korea | Equinor; Korea East-West Power; Korea National Oil |
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Description
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By GlobalDataThe project is being developed and currently owned by Equinor, Korea East-West Power and Korea National Oil. The company’s ownership stake in the project stands as 33.34%, 33.33% and 33.33% respectively.
The project is expected to generate 750,000MWh of electricity. The project cost is expected to be around $994m. The turbines will be mounted on floating spar foundations.
Development Status
The project construction is expected to commence from 2022. Subsequent to that it will enter into commercial operation by 2024.
Contractors Involved
Doosan Heavy Industries & Construction will be the turbine supplier for the wind power project. The company is expected to provide 25 turbines, each with 8MW nameplate capacity.
About Equinor
Equinor ASA (Equinor), formerly Statoil ASA, is an energy company. It focuses mainly on the exploration, development and production of crude oil and natural gas on the Norwegian Continental Shelf (NCS). The company also has operations in various oil and gas provinces in the world. Equinor operates refineries, processing plants, storage and terminals, and has interests in various oil and gas pipelines. The company markets, trades, and transports crude oil, condensate, natural gas, natural gas liquids, and refined products. It also has presence in offshore wind, carbon capture and storage, solar and hydrogen projects. Equinor is headquartered in Stavanger, Norway.
About Korea East-West Power
Korea East-West Power Co Ltd (EWP), a subsidiary of Korea Electric Power Corp, is a state-owned electric utility producer. It generates and supplies the electricity to its customers in the region. It produces electricity from various sources including coal, oil, liquefied natural gas, mini hydro, and renewable sources such as solar, wind, biomass, and bio gas. The company also offers plant construction, engineering, plant operations, and plant maintenance services; and financial investment services for the exploration and development of mines. EWP serves in domestic and overseas regions. It has operating and developing interests in power generation facilities in North America, Latin America and the Caribbean, Asia, and Oceania. EWP is headquartered in Jung-gu, Ulsan, South Korea.
About Korea National Oil
Korea National Oil Corp (KNOC) is a state-owned integrated oil company that carries out the exploration, development and production of oil and gas, and stockpiling of petroleum resources. The company purchases and sells crude oil, distribute gasoline and refined products. KNOC also imports and exports crude oil and petroleum products, operates and leases stockpile facilities, and provides financing services for companies in energy and natural resources industries. The company has operations in Libya, Vietnam, Peru, Yemen, Venezuela, the US, Canada, the UK, Kazakhstan, and Iraq, among others. It carries out energy projects on behalf of the Korean government. KNOC is headquartered at Ulsan, South Korea.
Methodology
All power projects included in this report are drawn from GlobalData’s Power Intelligence Center. The information regarding the project parameters is sourced through secondary information sources such as electric utilities, equipment manufacturers, developers, project proponent’s – news, deals and financial reporting, regulatory body, associations, government planning reports and publications. Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector.
