Korean yard HSG Sungdong has set to expand its offshore wind portfolio in a deal with floater developer Principle Power.
The duo has signed a non-exclusive memorandum of understanding to cooperate on engineering developments for mass production and assembly of floating wind foundations in Korea.
The agreement, which follows the yards tie-up with Pacifico Energy, covers Principle Power’s WindFloat product portfolio which consists of the WindFloat T tubular design and WindFloat F flat panel design. Both designs are a semi-submersible, three-column floating platform suitable for deployment in waters deeper than 40 m.
“The goal of the two companies is to establish a supply system ready to deliver industrial scale floating offshore wind projects by combining the technological experiences of 75MW floating offshore wind farm that Principle Power has already implemented globally and HSG Sungdong’s optimised manufacturing facilities,” said Jinsang Lee, CEO of HSG Sungdong.
South Korea aims to achieve 14.3 GW of offshore wind capacity by 2030. The Korean government has implemented an annual auction system offering fixed-price contracts for offshore wind projects that includes REC multiplier mechanism designed to help launch a domestic floating offshore wind industry. Auctions for the first floating projects are scheduled for Q3 2024.
