Korea National Oil Corporation (KNOC) and Korea East-West Power (EWP) have agreed terms with the Norwegian multinational energy company Equinor to construct the largest floating offshore wind project in the world.
The Donghae 1 development will be a 200MW floating wind farm located close to the KNOC-operated Donghae natural gas field off the coast of Ulsan.
Pending the results of a feasibility study currently underway, the consortium will start constructing the wind farm in 2022 – with power production due to start up in 2024.
“We're very pleased to be nvolved in realising the first floating offshore wind farm in Asia,” says Stephen Bull, senior vice president at Equinor.
“The Donghae floating offshore wind project will be the world’s biggest floating wind farm – more than twice the size of Hywind Tampen on the Norwegian continental shelf.
“A floating offshore wind farm of this size will help to increase the competitiveness of floating offshore wind power in the future.”
South Korea has declared a commitment to transform the country’s energy mix away from nuclear power and coal and towards renewable energy.
The share of renewable energy in its power production is expected to increase to 20% by 2030.
This includes adding 49GW to its renewable production capacity by 2030 – of which solar power will account for 31GW and wind power 16GW.
Equinor already operates the world’s first full scale commercial floating offshore wind farm, off the coast of Scotland.
Its other interests in UK waters include two large-scale bottom fixed offshore wind farms – Sheringham Shoal and Dudgeon.
Together with the Arkona windfarm in Germany – owned jointly with EON –these wind farms provide renewable power to more than 1,000,000 homes in Europe.
Equinor is also proposing to build large-scale offshore wind projects in Poland and the USA.