Korea Floating Wind (KF Wind), a joint venture of Ocean Winds and Aker Offshore Wind, has secured an electric business license (EBL) for an 870MW floating offshore wind project from the South Korean government.

Having obtained the EBL, the company now holds exclusive development rights to begin the project.

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Ocean Winds holds a 66.7% interest in the KF Wind joint venture, with Aker Offshore wind owning the remaining 33.3%.

KF Wind project director Guzman Figar said: “The EBL is a major milestone in the development of the project and the result of the great work by the KF Wind team.

“Securing the EBL will allow KF Wind to continue with its investment plan and to create local jobs in South Korea.

“We will continue our cooperative work with all stakeholders, including local fishermen and organisations, to make this project a reality.”

Ocean Winds expects to receive a second EBL, for 450MW of capacity, to mature the project, with the aim of reaching financial close in 2024.

By 2030, South Korea intends to generate 20% of its power from renewable assets, with 12GW of this sourced from offshore wind.

Ocean Winds chief operating officer Grzegorz Gorski said: “Ocean Winds is very proud to contribute to South Korea’s important commitments in terms of clean energy production and environmental protection.

“Thanks to the commitment of our teams and the relationships built within the region, the emission of the EBL represents one step closer to our goal of 1.2GW of projects in Ulsan, powering the equivalent of more than 1.3 million households and reducing nearly three million tonnes of CO₂ equivalent greenhouse gas emissions every year.”

Last month, Ocean Winds and Aker unveiled an early investment package designed to support Scotland’s renewable energy supply chain.

The package is part of the two companies’ joint bids for the ScotWind offshore leasing process.