Ulsan Floating Offshore_KFWind, South Korea

Ulsan Floating Offshore_KFWind is a 500MW offshore wind power project. It is planned in Sea of Japan, Ulsan, South Korea. The project is currently in announced stage. It will be developed in single phase. Post completion of the construction, the project is expected to get commissioned in 2026.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.

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Project Type	Total Capacity (MW)	Active Capacity (MW)	Pipeline Capacity (MW)	Project Status	Project Location	Project Developer
Offshore	500	–	500	Announced	Ulsan, South Korea	Korea Floating Wind Power

Description

The project is being developed by Korea Floating Wind Power. EDP Renovaveis, Aker Solutions and WindPower Korea are currently owning the project having ownership stake of 61.25%, 30.6% and 8.15% respectively.

The project cost is expected to be around $1,998m. The turbines will be mounted on floating steel semisubmersible foundations.

The wind power project consists of 53 turbines.

Development Status

Post completion of the construction, the project is expected to get commissioned in 2026.

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.