The world's largest floating offshore wind farm in Ulsan... Total investment of 37 trillion 2024.11.05
- danboardman1
- Nov 5, 2024
- 2 min read
The world's largest floating offshore wind farm in Ulsan... Total investment of 37 trillion
Ulsan City-Domestic and foreign companies signed a letter of intent to invest... Phased out by 2031
The world's largest floating offshore wind farm will be built off the coast of Ulsan. To this end, domestic and foreign companies plan to invest a total of 37.2 trillion won.
Ulsan City announced on the 5th that it will sign a letter of intent (LOI) to create such a power generation complex.
Firefly Energy (Norway), Haeul offshore wind power 1, 2, 3 (Denmark), KF Wind (Spain and Norway), and Ghost Whale Offshore Wind Power 1, 2 and 3 (UK, France, and South Korea) are participating in the agreement.
Firefly Energy, which has declared 229 billion won in foreign direct investment (FDI), plans to invest a total of 5.7 trillion won to complete a 750MW (megawatt) offshore wind farm 70km off the coast of Ulsan by 2030.
Haeul offshore wind power plans to invest 12 trillion won to build a 1.5GW (gigawatt) power farm by 2030.
KF Wind plans to invest 7.5 trillion won to complete the 1,125MW power generation complex by 2031.
The company plans to invest 12 trillion won to build a 1.5GW power generation complex by 2031.
Ulsan City cooperates with each developer so that they can invest smoothly.
The city said, "The floating offshore wind farm off the coast of Ulsan is the largest in the world," and "We expect Ulsan to become the center of the world's offshore wind power industry by attracting domestic and foreign energy technology and capital through the signing of this agreement."
Ulsan Mayor Kim Doo-kyum said, "This project will greatly contribute to the realization of Korea's energy transition policy beyond revitalizing the local economy."
Ulsan City is focusing on fostering the floating offshore wind power industry in line with the expansion of new and renewable energy to realize carbon neutrality and the implementation of the Special Act on Distributed Energy Activation.
The signing ceremony of the letter of intent will be held at Ulsan City Hall this afternoon.
[Provided by Yonhap News]
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