Located offshore from Ulsan and South Jeolla province, the BadaEnergy portfolio features floating and fixed-bottom offshore wind farms with more than 2GW of combined capacity.
It includes Gray Whale, a 1.5GW floating offshore wind farm that is expected to become one of the world’s largest floating offshore facilities once completed.
Corio Generation Korea representative director Woojin Choi said: “SK ecoplant’s broad experience and excellent capabilities in offshore development will serve as a great driving force for constructing offshore wind in South Korea, including one of the world’s largest floating offshore wind developments.
“In order to support the country’s ambition to lead the way in offshore wind, we will have a dedicated focus on the localisation of capital, finance, and technology.”
Using its offshore engineering, procurement and construction (EPC) knowledge, SK ecoplant will help its partners develop the projects through the planning, licensing, construction and operation phases.
In addition, the company will acquire a stake in the BadaEnergy portfolio subject to government approval.
To date, four of the portfolio’s five wind farm projects have secured electric business licenses (EBLs) from the Ministry of Trade, Industry and Energy’s Electricity Regulatory Commission.
Most of the projects have secured exclusive development rights and the partners have set the first commercial operation date for 2027.
SK ecoplant CEO Kyung-il Park said: “By jointly developing the offshore wind business with global energy companies, we have laid the foundation to become a major player in the market.
“We have completed the overall value chain of the energy business by achieving rapid growth through intensive investments in the renewable energy sector such as offshore wind, solar, and fuel cells.”