Korea Floating Wind (“KF Wind”), a joint venture between Ocean Winds (66,7%) and Aker Offshore Wind (33,3%), has obtained its first Electric Business License (EBL) from the Ministry of Trade, Industry and Energy of the Republic of Korea for a capacity of 870MW, a key step toward realizing what will be part of the largest and first commercial scale floating wind farm in the world.
The EBL is a mandatory requirement to generate and supply electricity in South Korea and grants KF Wind exclusive development rights to realize the project. KF Wind expects the second EBL to follow for a capacity of 450MW and continues to mature the project with the objective of reaching financial close in 2024.
“The EBL is a major milestone in the development of the project and the result of the great work by the KF Wind team. Securing the EBL will allow KF Wind to continue with its investment plan and to create local jobs in South Korea. We will continue our cooperative work with all stakeholders, including local fishermen and organizations, to make this project a reality,” said Guzman Figar, Project Director of KF Wind.
“Ocean Winds is very proud to contribute to South Korea’s important commitments in terms of clean energy production and environmental protection. Thanks to the commitment of our teams and the relationships built within the region, the emission of the EBL represents one step closer to our goal of 1.2 GW projects in Ulsan, powering the equivalent of over 1.3 million households and reducing nearly 3 million tCO2eq greenhouse gas emissions every year. An undeniable breakthrough for Ocean Winds, for KF Wind and for South Korea,” said Grzegorz Gorski, Chief Operating Officer of Ocean Winds.
“We are very pleased by this timely grant of the first Electricity Business License, confirming the strong support we receive in South Korea to make offshore wind a national ambition. Our proven floating technology from Principle Power will enable a faster industrialization of the supply chain to deliver with our partners in South Korea the job creation associated with the first large commercial scale floating windfarm,” said Philippe Kavafyan, Chief Executive Officer of Aker Offshore Wind.
South Korea aims to generate 20 percent of its power from renewable sources by 2030, of which 12GW from offshore wind. At COP26, the South Korean government committed to reduce greenhouse gas emissions by at least 40 percent by 2030 from a 2018 peak.