Principle Power, HSG Sungdong Join Forces to Produce WindFloat Foundations in South Korea

Business & Finance

June 20, 2024, by Adnan Memija

Principle Power and South Korea’s HSG Sungdong have agreed to a non-exclusive Memorandum of Understanding (MoU) to jointly advance engineering efforts for the scalable production and assembly of WindFloat technologies.

Principle Power HSG Sungdong — *Source: Principle Power*

According to Principle Power, the agreement furthers the development of a sustainable domestic supply chain in South Korea and supports the country’s ambition to achieve 14.3 GW of offshore wind capacity by 2030.

Jingansg Lee, CEO of HSG Sungdong said that the goal of the two companies is to establish a supply system ready to deliver industrial-scale floating offshore wind projects by combining the technological experiences of the 75 MW floating wind farm that Principle Power has already implemented globally and HSG Sungdon’s optimised manufacturing facilities.

Principle Power will provide HSG Sungdong with WindFloat design inputs, specifications, and operational lessons to optimize their facilities and processes for cost-effective, scalable manufacturing of floating wind foundations, according to Lúcio Rodrigues, Principle Power’s head of supply chain and procurement.

“Our goal is to foster a robust and sustainable supply chain ecosystem through early engagement with
select suppliers to build readiness for the timely and effective delivery of floating wind projects. These
engagements are an extremely important part of building a new industry the right way, providing
customers and government with confidence about deliverability,” said Rodrigues.

The company has 75 MW of capacity in operation at WindFloat Atlantic (Portugal) and Kincardine Offshore Wind Farm (Scotland), and 30 MW currently under construction at the Eoliennes Flottantes du Golfe du Lion project in France, with contracts for commercial-scale projects totalling 10 GW.

In September 2023, Principle Power launched a new flat panel, pontoon-based floating wind foundation, called WindFloat F, designed for ultra-shallow wind turbine integration in ports.