Equinor has pledged to continue developing the 750MW Firefly/Bandibuli floating wind farm off South Korea amid reports the developer has missed the final deadline to sign up to the project’s state-backed revenue support contract.
A company spokesperson told reNEWS that Equinor would “engage with relevant stakeholders” in the country after industry experts warned that failure to finalise the Renewable Energy Certificate won in South Korea’s 2024 auction could bar the floater from participating in future auctions for five years.
“Equinor continues its efforts to mature the Bandibuli project as an investible and bankable project,” said the spokesperson.
“We will continue to have constructive dialogue regarding the maturation of the project and engage with relevant stakeholders in Korea, and will continue to align with the direction set by the Korean authorities.”
The commercial-scale project off the coast of Ulsan has been hit by “severe” inflationary pressures which have led to largescale cost increases from initial estimates, according to analysis from Rystad Energy.