Ulsan City and BayWa.re sign floating wind MOU

Song Cheol-ho, the Mayor of Ulsan in South Korea, has signed a memorandum of understanding (MOU) with BayWa.re, the international project developer. The MOU concerns the development of floating wind projects off Ulsan's coast.

In South Korea, ambition for offshore wind is high. Under the government’s Green New Deal, the nation is targeting 12 GW of offshore wind power by the end of the decade, with regional plans outpacing even this ambitious aim. The government anticipates at least 2 GW of installed capacity by 2030 to be derived from floating wind. Ulsan City has been active in recent years promoting floating wind development, something that it claims "enjoys high levels of public support."

“It is an honour to collaborate with Mayor Song Cheol-ho and distinguished representatives from Ulsan City, Hyundai Heavy Industries, Sejin Heavy Industries, the Korean Energy Agency and Korean Hydrogen Industry Association, at the start of what we intend will be a successful partnership for BayWa r.e. and Ulsan City",
said Matthias Taft, CEO of BayWar.re. "We share the same commitment and recognition in the importance of engaging with local communities and stakeholders and ensuring they are made part of the renewable energy transition and benefit from it. “We respect the commitment of Ulsan City to helping drive forward South Korea’s climate goals, while also realising the benefits renewable energy projects can bring to local industries and communities. This month’s COP26 has proven that collaboration between nations is critical if we are to achieve climate goals. We now look forward to progressing our partnership with Ulsan City and the local community to deliver the project in the best way possible.”

Song Cheol-ho, Mayor of Ulsan, commented: “Technical experience, strong local partnerships and commitment to the development of the Ulsan region are crucial attributes we look for in a partner, and we have found this in BayWa r.e. It is a pleasure to visit the BayWa r.e. team and build our shared ambition of developing offshore wind, bringing economic benefits to local communities and most importantly, contributing to the global renewable energy transition."

The region of Ulsan in particular is seen as a strong contender for floating wind dominance and reached a milestone in August this year when Macquarie’s Green Investment Group (GIG) and TotalEnergies, who are planning a 1.5 GW floating offshore wind farm in Ulsan, obtained an electricity business license (EBL) from the Ministry of Trade, Industry and Energy via its Electricity Regulatory Commission.

For more information on offshore wind farms worldwide, click here.