Korea Floating Wind has obtained its first electric business license (EBL) from the Ministry of Trade, Industry and Energy of the Republic of Korea for an offshore wind project with a capacity of 870MW.
The joint venture between Ocean Winds (66.7%) and Aker Offshore Wind (33.3%) said the license is a “key step” toward realising 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 Korea Floating Wind exclusive development rights to realise the project.
The developer said it 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 organisations, to make this project a reality,” said Guzman Figar, project director at KF Wind.
Aker Offshore Wind CEO Philippe Kavafyan added: “We are very pleased by this timely grant of the first Electric 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 industrialisation of the supply chain to deliver with our partners in South Korea the job creation associated with the first large commercial scale floating wind farm.”