Ulsan inks deals to build world’s largest floating wind complex

Ulsan authorities signed letters of intent with multiple consortiums for the massive energy project. The investments should total around 37.2 trillion won ($26.6bn). The complex, when completed, should have a capacity of 6.2GW. The participating companies include the developers of the Firefly floating wind farm, Haeul Offshore Wind Power, KF Wind, and Gray Whale Offshore Wind.

Firefly, led by Norway’s state-owned energy company Equinor, will invest 5.7tn won to complete the 750MW wind farm by 2030. It will be located some 70 km off Ulsan. Haeul Offshore Wind Power will invest 12tn won to develop a 1.5GW complex, also by 2030. KF Wind has plans to invest 7.5tn won to build a 1,125MW project while Gray Whale Offshore Wind Power will invest 12tn won to build a 1.5GW wind farm, both by 2031.

All these will use floating wind technology due to consistent wind speeds exceeding 8 meters per second in the East Sea.

Through these agreements, Ulsan aspires to become a global hub for the offshore wind power industry and attract domestic and international energy technology and capital.

Floating platforms allow turbines to be located in deeper waters with higher and more consistent wind speeds. This usually leads to higher energy production and aligns with South Korea’s renewable goal to achieve 14.3GW of offshore wind capacity by 2030 as well as Ulsan City’s goal to become carbon neutral by 2050.