Project Overview – 한국부유식풍력 Korea Floating Wind

KFW and EBP Overview

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Project Overview

KFW and EBP Overview

Introduction

With the global surge in interest toward clean energy sources avoiding carbon dioxide emissions and their impact on climate change, floating offshore wind power is emerging as a transformative opportunity that can lead the future of energy. In line with this global energy transition and taking advantage of the wind and sea resources of the country, large-scale floating offshore wind farm developments are actively underway off the coast of Ulsan, South Korea, an area characterized by broad continental shelves and strong average wind speeds of 8 to 9 m/s.
Currently, five consortia—including KF Wind along with public and private investors—are participating in offshore wind initiatives in the region. KF Wind is developing the KFW1, KFW2, and East Blue Power (EBP) floating offshore wind areas, with a combined capacity of approximately 1,125MW, located within the Exclusive Economic Zone (EEZ) about 80 kilometers off the coast of Ulsan. Notably, the EBP project includes participation from Kumyang Green Power, an Ulsan-based local company specializing in electrical facilities and wind power systems.
The three offshore wind areas being developed by KF Wind are expected to generate approximately 4,000 GWh of electricity annually, significantly contributing to the renewable energy transition not only in Ulsan but across South Korea.
Korea Floating Wind Power Co., Ltd. (“KF Wind”) is a joint venture established by two global leaders energy: Ocean Winds, headquartered in Spain and world leader expert in offshore wind, and Mainstream Renewable Power.
Ocean Winds is currently advancing 17 offshore wind projects across eight countries, including offshore wind farms already operating or under construction in France, Portugal, Belgium, and the United Kingdom. Through the WindFloat Atlantic project in Portugal, Ocean Winds has proven the commercial viability and profitability of semi-submersible floating offshore wind technology for the first time in the world.

Korea Floating Wind – Company Overview

Company Name: Korea Floating Wind Power, Co. Ltd.
CEO: Guzman Figar de La Calle
Date of Establishment: September 9, 2017
Head Office Address: 16F, Borim Tower, 182 Samsan-ro, Nam-gu, Ulsan, Republic of Korea

East Blue Power – Company Overview

Company Name: East Blue Power
CEO: Guzman Figar de La Calle
Date of Establishment: March 18, 2019
Head Office Address: 16F, Borim Tower, 182 Samsan-ro, Nam-gu, Ulsan, Republic of Korea

Project Background

In response to the global transition to renewable energy, a world-class floating offshore wind farm development is underway off the coast of Ulsan, South Korea.

The project involves five consortia composed of both public and private investors, including Korea Floating Wind (KF Wind). KF Wind is planning to develop three wind farm sites with a combined capacity of 1,320 MW (Net Capacity: 1.2 GW). These project sites are located in the exclusive economic zone (EEZ), approximately 80 kilometers offshore, with water depths ranging from 175 to 275 meters, covering a total area of 240 km².

The three floating offshore wind farms to be installed by KF Wind are expected to generate approximately 4,000 GWh of electricity annually. This amount is equivalent to about 12% of Ulsan’s annual electricity demand, or the electricity usage of approximately one million households in the city.

<Figure 1> The KOREA FLOATING WIND’s Wind Farm Area