Three More Floating Offshore Wind Projects in South Korea Secure Grid Connection

October 11, 2024, by Adnan Memija

Three floating offshore wind projects, being developed off the coast of Ulsan, South Korea, have entered into a Transmission Service Agreement (TSA) with Korea Electric Power Corporation (KEPCO).

The floating offshore wind projects that signed the TSA are Gray Whale (BadaEnergy), Haewoori (Copenhagen Infrastructure Partners), and Bandibuli (Equinor).

This week, the 1,125 MW MunmuBaram and the 1,125 MW Korea Floating Wind (KF Wind) projects also secured an agreement with KEPCO.

The agreement between the five developers and KEPCO ensures the connection of a total of 6 GW of clean power to the national grid.

South Korean Floating Wind Project Inks Transmission Agreement with KEPCO

Business & Finance

The BadaEnergy portfolio, developed jointly by TotalEnergies, Corio Generation, and SK Ecoplant, comprises both floating and bottom-fixed projects off the coast of Ulsan and South Jeolla province, including the Grey Whale projects.

With an installed capacity of approximately 1.5 GW and developed across three phases, Gray Whale is planned to be constructed around 60 to 70 kilometres from Ulsan Port.

The wind farm completed its environmental impact assessment (EIA) consultation with South Korea’s Ministry of Environment, Ministry of Oceans and Fisheries, and Ministry of Trade, Industry and Energy in July 2024.

The 1.5 GW Haewoori floating wind project is owned by Copenhagen Infrastructure Partners (CIP) and developed by Copenhagen Offshore Partners (COP).

The wind farm is planned to be built at a site approximately 80 kilometres off the coast of the city of Ulsan. According to information on the project’s website, Haewoori is expected to reach a financial close next year and be operational by 2028.

Equinor signed a memorandum of understanding with Ulsan City in May 2019 for the development of the up to 800 MW Firefly/Bandibuli floating wind farm offshore Ulsan, planned to be built 70 kilometres off the Ulsan coast across two sites, each covering 75 square kilometres.

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The company obtained EIA approval for the project in July, enabling the wind farm to take part in the fixed-price contract auction for wind power projects.

Five project developers launched the Ulsan Floating Offshore Wind Association in April last year to facilitate smoother cooperation and joined the Ulsan Chamber of Commerce as special members.