'Made in Korea' Floated on the Sea... Offshore Wind Power to Establish Supply Chain with Ulsan Companies

Ulsan City Signs Memorandums of Understanding with 7 Organizations and Companies on 'Equipment Localization' and 'Ulsan Supply'

Conceptual Diagram of Floating Offshore Wind Power Project.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] An agreement will be made to establish a supply chain for Ulsan-based companies and localize equipment in the floating offshore wind power generation project.

Ulsan City announced that on the 24th at 11 a.m., it will sign a business agreement at Ulsan Biz Park to build a supply chain for Ulsan companies and localize equipment for the floating offshore wind power generation project.

This agreement draws attention as CIP, the world's largest green energy investment management company, is participating. Also participating are the Ulsan Chamber of Commerce and Industry, Ulsan National Institute of Science and Technology, Ulsan Technopark, Sejin Heavy Industries, Shinhan Heavy Industries, and the Floating Offshore Wind Power Supply Chain Association.

The participating organizations will jointly work to prioritize hiring local talent in Ulsan, promote a local company allocation system when building the supply chain, and localize equipment for the offshore wind power generation project.

They will also cooperate in mutual use of research facilities and exchange of technical information, as well as joint research and development projects in the field of floating offshore wind power-related technologies.

Ulsan City expects that the floating offshore wind power project, which is a pledge of the 7th local government term and included in the Korean Green New Deal project, will greatly contribute to revitalizing the local economy and creating quality jobs.

An official from Ulsan City said, “We plan to communicate with related companies to ensure that local companies can participate in the floating offshore wind power generation project being promoted in Ulsan,” and added, “We will also strive to attract private investment offices and related companies to Ulsan.”

Ulsan City, which is promoting the Ulsan floating offshore wind power project as a key project of the Ulsan-type Green New Deal, signed an agreement with a private investment company in 2019 and is pursuing the project with the goal of establishing a 9GW power generation complex near the Donghae gas field by 2030.