World’s first large floating wind project gets approval

South Korea

ULSAN, March 4, 2022 – Korea Floating Wind has obtained a second electric business licence from the South Korean government to complete the world’s first large-scale floating wind development offshore South Korea, joint venture partner Aker Offshore Wind announced on Thursday.

The second licence permits production of up to 450 MW on the project. It follows a similar licence given in January 2022 for 870 MW. Electric business licences are a mandatory requirement to generate supply of electricity in South Korea.

Korea Floating Wind is a joint venture between Spain’s Ocean Winds and global offshore energy developer Aker Offshore Wind, with 66.7% and 33.3% shares respectively.

The planned 1.2-GW facility will be able to power around 1.3 million households and reduce greenhouse gas emissions by 3 million tonnes per year.

The asset is expected to come on line by 2028.