Canadian outfit Northland Power has signed an agreement to acquire Dado Ocean Wind Farm Company in South Korea.
Dado has multiple early stage offshore wind development sites near Chodo Island, off the south coast of South Korea.
They include sites located in Chodo-ri and Sonjuk-ri of Yeosu City, 35km off the coast.
Dado Ocean is currently owned by Eui Jeong Hwang, a wind power developer who will continue to support the projects as a local partner working with Northland.
The acquisition is expected to close in the coming weeks, subject to customary closing conditions.
Northland president and chief executive Mike Crawley (pictured) said: “This agreement builds on Northland’s strategy to pursue opportunities in South Korea.
“We are excited to be part of Korea’s energy transformation as it looks to the future with the government’s Renewable Energy 3020 Program, that aims to achieve 12GW of offshore wind capacity by 2030.
“Northland’s history is one of working with local communities and respecting local rules and regulations, and we look forward to working with Mr Hwang to deliver this for these projects.
“Northland is always committed to ensuring open and transparent communication, continually engaging in respectful dialogue with regular communication and striving to be a good partner and neighbour.”
Northland said the acquisition builds on its presence in Asia and specifically in South Korea.
The company said it is anticipated that South Korea’s installed capacity will more than double by 2050, with renewables accounting for approximately 59% compared to 8% in 2018.
Offshore wind will make up almost half of this renewable generation.
Northland’s current portfolio in Asia includes a 60% equity stake in the 1044MW Hai Long offshore wind farm under development in Taiwan and a joint venture to pursue offshore wind development opportunities in Chiba Prefecture in Japan.