Korea Floating Wind (KF Wind), the joint venture between Ocean Winds and Aker Offshore Wind, has secured its second electric business license (EBL) from South Korea’s ministry of trade, industry and energy for a capacity of 450 MW.
The EBL is a mandatory requirement to generate and supply the 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 1.3m households.
Philippe Kavafyan, chief executive officer of Aker Offshore Wind, said the partnership is on track to build in Ulsan the world’s first industrial-scale floating offshore wind farms by 2028. Grzegorz Gorski, chief operating officer of Ocean Winds, added that “KF Wind could contribute up to 77% of content manufactured in Korea, of which around 63% would be fabricated in the Ulsan area, resulting in the creation of thousands of jobs and the reindustrialisation of the region.”
KF Wind, in which Ocean Winds, a joint venture between Engie and EDP Renewables (EDPR), has a 66.7% stake, 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 in 2023, with the objective of reaching a financial close in 2024.