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October 18, 2019

EDP consortium to build 500MW floating wind farm in South Korea

Global wind energy company EDP Renewables, Aker Solutions, and WindPower Korea have formed a consortium to build a pilot floating wind farm off the coast of Ulsan Metropolitan City in South Korea with 500MW capacity.

Global wind energy company EDP Renewables, Aker Solutions, and WindPower Korea have formed a consortium to build a pilot floating windfarm off the coast of Ulsan, South Korea with a capacity of 500MW.

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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
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The consortium was formed after EDP Renewables and Aker Solutions acquired a significant stake in Korea Floating Wind Power (KFWind), and joined WindPower Korea, the founding shareholder.

EDP Renewables and Aker Solutions acquired the stake in KFWind from Principle Power. Principle Power has agreed to supply its WindFloat foundation technology for the project.

For this transaction, KFWind was advised by Green Giraffe, a specialist advisory firm, which focuses on the renewable energy sector.

The consortium aims to support the South Korean government’s renewable energy plans that aim to install 13GW offshore wind by 2030, and source at least 30% renewable energy by 2040.

The new floating windfarm will be built with advanced WindFloat technology. Floating platforms can be installed in deep waters using the technology in order to harness wind resources in the region more effectively.

Additionally, the consortium will work with the local fisheries associations and stakeholders to ensure that the projects are well-sited and developed responsibly.

EDP Renewables tweeted: “We are excited to be developing a floating wind farm in South Korea together with Aker Solutions and local partner WindPower Korea.”

In January 2019, KFWind signed a memorandum of understanding (MoU) with the city of Ulsan for the development of floating wind projects in the region.

The MoU was also aimed at developing Ulsan as the manufacturing hub for domestic and export offshore wind markets.

Due to its shipyards, maritime expertise and port facilities, the Ulsan area is well-suited for commercialising floating wind.

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Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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