MOUs herald Ulsan’s floating wind future

Earlier this month (June 2020), the city of Ulsan in South Korea signed memoranda of understanding (MOUs) with 19 floating wind companies. The agreement covers the promotion of localization and international competitiveness through joint research, with a cooperative system in place to develop a large floating wind complex for the city.

Ulsan has been eyeing floating wind for some time, with the first system (5 MW), to be installed this year. The city is planning a 1.4 GW floating wind farm by 2025 and has now enlisted 19 domestic and international players to support this and more. Last year, it signed several MOUs committed to developing 1 GW by 2025, so this marks an increase in ambition.

Five organizations including Ulsan University agreed to develop a floating wind power system, which represents a KRW 470 million investment from the Korea Energy Technology Evaluation Institute, for the development of a 5 MW system. The city of Ulsan also promised to cooperate with administrative support for the successful development and demonstration of floating wind technology. Private investors agreed to negotiate between themselves on the deployment of floating wind technology near the Donghae Gas Field, which is being promoted in agreement with Ulsan City.

Businesses signing MOUs on 10th June include:
·        Ulsan Techno Park
·        Korea Electric Power Technology Company
·        Korea Oil Corporation
·        Korea East-West Power Company
·        Ulsan University
·        CGO Company, Ltd
·        LS Cable
·        Hyundai Steel Industry
·        Unison
·        Woori Technology
·        A&T Co., Ltd
·        Dongwon Entec
·        Baeksen S&K

Private investment companies (developers) signing include:
·        Green Investment Group
·        KFWind (Korea Floating Wind)
·        CoensHexicon
·        Copenhagen Infrastucture Partners
·        SKE&S Co., Ltd
·        Equinor.

Ulsan’s Mayor, Song Cheol-ho, described floating offshore wind as “still in the early stages of commercialization worldwide,” and stated that “it is urgent to expand the business by prioritising the market as soon as possible. We hope that Korea will be able to lead the world offshore wind power market through technology development."

To view projects on 4C Offshore's interactive map, click here