Ulsan City and Firefly, Haeuli, KF Wind, and Gwishingorae Sign LOI on 5th
37.2 Trillion KRW Investment... World's Largest Floating Offshore Wind Power Complex
The world's largest floating offshore wind power complex will be established off the coast of Ulsan. Accordingly, Ulsan is expected to emerge as a global hub for the offshore wind power industry.
On the 5th at 3 p.m., Ulsan City will sign a Letter of Intent (LOI) in the mayor's office of the main building to develop the Ulsan floating offshore wind power complex.
The agreement involves Banditbul Energy (Norway), Haewool Offshore Wind Power 1·2·3 (Denmark), KF Wind (Spain, Norway), and Gwishingorae Offshore Wind Power 1·2·3 (UK, France, Korea), who are developing the world's largest offshore wind power complex off the coast of Ulsan.
The signing ceremony will be held with Ulsan Mayor Kim Doo-gyeom and representatives of each investment company, reaffirming their mutual commitment to the construction and operation of the power complex.
By company, Banditbul Energy plans to report approximately 229 billion KRW in foreign direct investment (FDI) and invest a total of 5.7 trillion KRW to complete a 750MW offshore wind power complex about 70 km off the coast of Ulsan by 2030.
Haewool Offshore Wind Power plans to create a 1.5GW power complex by 2030 through approximately 130 billion KRW in FDI and a total investment of 12 trillion KRW.
KF Wind will invest about 48.5 billion KRW in FDI and a total of 7.5 trillion KRW to complete a 1,125MW power complex by 2031.
Gwishingorae Offshore Wind Power plans to develop a 1.5GW power complex by 2031 with approximately 42.5 billion KRW in FDI and a total investment of 12 trillion KRW.
Ulsan City will cooperate to facilitate smooth investment in the floating offshore wind power complex projects of each developer.
With this agreement, it is expected that Ulsan will attract domestic and international energy technology and capital, advancing as a global center for the offshore wind power industry.
Mayor Kim Doo-gyeom said, “This project is expected to greatly contribute not only to revitalizing the local economy but also to realizing South Korea’s energy transition policy,” adding, “The city will actively support the project to ensure it proceeds without any setbacks.”
Ulsan City is positioning the energy industry as a key new growth engine in line with the expansion of renewable energy to achieve carbon neutrality and RE100. In particular, it is focusing on fostering the floating offshore wind power industry in accordance with the enforcement of the ‘Special Act on the Activation of Distributed Energy.’
Ulsan City Hall.
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