Canadian power producer Northland Power has signed an agreement to acquire development company Dado Ocean Wind Farm in an effort to expand offshore wind pipeline in Asia.
Dado Ocean has multiple early-stage offshore wind development sites located near Chodo Island, off South Korea’s south coast.
Through this acquisition, Northland says it will help South Korea achieve its renewable energy development targets.
The company’s existing portfolio in Asia includes a 60% equity stake in the 1,044MW Hai Long offshore wind project currently under development in Taiwan.
Additionally, a joint venture is pursuing offshore wind development opportunities in Japan’s Chiba Prefecture.
Multiple development sites located in Chodo-ri and Sonjuk-ri of Yeosu City, 35km off the southern coast of the Korean peninsula are in early-stage development and are expected to be developed over the coming years.
Northland Power president and CEO Mike Crawley said: “This agreement builds on Northland’s strategy to pursue opportunities in South Korea.
“We are excited to be part of Korea’s energy transformation as it looks to the future with the government’s Renewable Energy 3020 Program, that aims to achieve 12GW of offshore wind capacity by 2030.”
The acquisition, which builds on Northland’s presence in Asia and specifically in South Korea, is subject to customary closing conditions and is expected to conclude in the coming weeks.
By 2050, South Korea’s installed capacity is expected to be more than double with renewables accounting for about 59% compared to 8% in 2018.
Last September, Northland Power signed an agreement to acquire a 99.2% stake in Empresa de Energía de Boyacá (EBSA) from Fondo de Capital Privado de Infraestructura Brookfield Colombia and BCIF Holdings Colombia II for C$1.05bn ($796m).