Korea Floating Wind Reach Key Electric Business License Milestone for Floating Offshore Wind Project in South Korea

Korea Floating Wind (“KF Wind”), a joint venture between Ocean Winds and Aker Offshore Wind, has obtained its first Electric Business License (EBL) from Ministry of Trade, Industry and Energy of the Republic of Korea for 870MW located 80km off the coast of Ulsan, South Korea.

We are thankful to the Ministry of Trade, Industry and Energy of the Republic of Korea as well as the fishermen and local communities of Ulsan without whom this important milestone would not have been reached. This first EBL is a major step towards large-scale commercialization of floating offshore wind.

KF Wind is a fundamental project for South Korea to achieve its emission reduction target. South Korea aims to generate 20% of its power from renewable sources by 2030 of which 12GW from offshore wind. Recently, the South Korean government has declared emission reduction pledges, committing to reduce greenhouse gas emissions by at least 40 percent by 2030 from their peak in 2018 at the United Nations climate summit in Glasgow, Scotland (COP26).

“The Electric Business License is a major milestone in the development of the project and the result of the great professional work performed by the KF Wind team with continuous support from its sponsors. Securing EBL will allow KF Wind to continue with its investment plan in Korea and to create local jobs with the objective of reaching Financial Close by 2024."

Furthermore, “KF Wind has already engaged with leading domestic Korean companies and universities to conduct critical studies and site surveys in the field of environment, navigation, military, socio-economy and Geotech, all essential activities to reach FID. Besides, KF Wind plans to double the size of its team during 2022.” said Guzman Figar, Project Director of Korea Floating Wind.

“The KF Wind’s journey has just started, as we promised 2 years ago, we want to support Korea’s effort to reduce as many as tons of microparticles as possible. KF Wind expects to reduce 48,000 tons plus of micro dust in the air, which is significant for citizens’ health. Bottom line is that with this project, we will breathe better. In addition, KF Wind is committed to working with all stakeholders, and more especially the other users of the Ocean. We are continuously taking part in dialoguing activities with the Ulsan representative fishermen associations. KF Wind will continue to build inward relationships with all local communities of Ulsan.” said Jean Philippe Baudrey, KF Wind’s Development Director.