Ocean Winds, Aker Offshore Wind secure second Electric Business License for 1.2 GW floating offshore wind project in Ulsan, South Korea
Korea Floating Wind (“KF Wind”), the joint venture between Ocean Winds (66.7 percent) and Aker Offshore Wind (33.3 percent), has obtained its second Electric Business License (EBL) from the Ministry of Trade, Industry and Energy of the Republic of Korea for a capacity of 450 MW, according to the company's release.
Obtaining the second EBL represents another key step towards realizing the world’s first large scale commercial floating wind project.
The EBL is a mandatory requirement to generate and supply electricity in South Korea and follows the 870 MW EBL that KF Wind was granted at the end of January 2022. Overall, KF Wind’s floating wind project now holds a 1.32 GW EBL capacity, covering the 1.2 GW net capacity target (based on grid limits), and able to power the equivalent of over 1.3 million households.
KF Wind has already commenced most of the field studies and is continuing its engagement with key local users of the ocean as required to secure the remaining permits. The permits are expected to be approved during 2023, with the objective of reaching financial close in 2024.
About KF Wind
KF Wind is a project being developed offshore Ulsan, South Korea. KF Wind is a joint venture company owned by Ocean Winds (66.7 percent) and Aker Offshore Wind (33.3 percent). The first EBL of 870MW is KF Wind’s exclusively while the second EBL is a partnership between KF Wind and Kumyang Co.
Project Statistics:
Capacity: EBL capacity at 1,320 MW (EBL1 870 MW + EBL2 450 MW), grid capacity at 1,200 MW
Location: 80km off the coast of Ulsan, South Korea
Power generation: 4,000GWh of electricity annually to power the equivalent of over 1.3 million households
Environmental benefits: Reduce nearly 3 million tCO2eq greenhouse gas emissions every year
About Ocean Winds
Ocean Winds (OW) is an offshore wind energy joint venture owned 50:50 by EDP Renewables and ENGIE. Both companies believe that offshore wind is becoming an essential part of the global energy transition, which will lead to rapid growth in the sector and increased competitiveness. They have therefore included their entire portfolio of existing and ongoing offshore projects in the new company.
OW has a strategic advantage and a privileged position to play a leading role in the offshore market. EDPR and ENGIE have combined their offshore wind assets and project portfolio in OW, starting with a total of 1.5 GW under construction and 4 GW under development, with a target of 5-7 GW of projects in operation or under construction and 5-10 GW in advanced stages of development by 2025.
OW, headquartered in Madrid, currently has a presence in 8 countries and is mainly targeting markets in Europe, the United States and selected geographies in Asia, where most of the growth is expected to come from.
About Aker Offshore Wind
Aker Offshore Wind is an offshore wind developer focused on assets in deep waters and specialized on floating energy systems. With global operations, the current portfolio consists of development projects and prospects located in Asia, North America and Europe. Aker Offshore Wind effectively deploys cost effective technologies from decades of offshore energy development. The company is majority-owned by Aker Horizons, an investment company dedicated to creating value and reducing emissions from renewable energy and decarbonization technologies. Aker Offshore Wind [AOW-ME] is listed on Euronext Growth in Oslo, Norway.