The renewables arm of BayWa has signed a memorandum of understanding (MoU) with Ulsan City in South Korea for the development of floating offshore wind projects off the city’s coast.
BayWa r.e. said the signing of the MoU marks another milestone in its ambitions for the offshore wind sector.
The company is already participating in the ScotWind tender in Scotland and in September 2021, BayWa r.e. pre-qualified for participation in the call for tenders for floating wind in Brittany, France.
BayWa r.e. chief executive Matthias Taft said: “It is an honour to collaborate with Mayor Song Cheol-ho and distinguished representatives from Ulsan City, Hyundai Heavy Industries, Sejin Heavy Industries, the Korean Energy Agency and Korean Hydrogen Industry Association, at the start of what we intend will be a successful partnership for BayWa r.e. and Ulsan City.
“We share the same commitment and recognition in the importance of engaging with local communities and stakeholders and ensuring they are made part of the renewable energy transition and benefit from it.
“We respect the commitment of Ulsan City to helping drive forward South Korea’s climate goals, while also realising the benefits renewable energy projects can bring to local industries and communities.
“This month’s COP26 has proven that collaboration between nations is critical if we are to achieve climate goals.
“We now look forward to progressing our partnership with Ulsan City and the local community to deliver the project in the best way possible.”
Ulsan mayor Song Cheol-ho said: “Technical experience, strong local partnerships and commitment to the development of the Ulsan region are crucial attributes we look for in a partner, and we have found this in BayWa r.e.
“It is a pleasure to visit the BayWa r.e. team and build our shared ambition of developing offshore wind, bringing economic benefits to local communities and most importantly, contributing to the global renewable energy transition.”
BayWa r.e. entered the South Korean market in 2019 with the opening of a new office in Seoul and is actively pursuing on- and offshore wind and solar developments in the region.