Ocean Winds and Aker Offshore Wind joint venture Korea Floating Wind has obtained an Electric Business License (EBL) for a 450MW offshore wind project off South Korea.
The licence is the second the JV has obtained from the Ministry of Trade, Industry and Energy, and represents another key step towards realising the world’s first large-scale commercial floating wind project.
The EBL is a mandatory requirement to generate and supply electricity in South Korea and follows a licence for an 870MW project that Korea Floating Wind was granted at the end of January.
Overall, the developer’s floating wind project now holds a 1.32GW EBL capacity, covering the 1.2GW net capacity target based on grid limits.
Korea Floating Wind 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 during 2023, with the objective of reaching financial close in 2024.
“This second EBL secures us continued exclusive development rights in the East Blue Power area, which KF Wind is developing in collaboration with our partner Kumyang Green Power, an Ulsan-based electrical engineering company and renewable energy developer.
“Kumyang plays an important role in supporting KF Wind’s relationship with the local administrations and the local communities, and in the engagement with the supply chain,” said Guzman Figar, project director of KF Wind.
Aker Offshore Wind CEO Philippe Kavafyan added: “Following the first EBL granted earlier this year, I am very pleased to see KF Wind awarded the second EBL.
“This confirms a strong vote of confidence from the South Korean government and sustains the pace for South Korea to be the leading market for GW-scale, floating offshore wind power generation.
“Together with our partners, we are on track to build in Ulsan the world’s first industrial-scale floating offshore wind farms by 2028.”