Canada’s Northland Power strengthened its Asian offshore wind presence with a deal to buy a portfolio of early-stage projects in South Korea.
The Canadian group will take on the projects following an agreement to buy local developer Dado Ocean for an undisclosed sum.
Dado Ocean is advancing the project sites neat South Korea’s southern Chodo Island under current owner Eui Jeong Hwang, who will continue working with Northland as a local partner, said a statement announcing the deal.
Northland said the acquisition, due to close in the next few weeks, means it will become part of an emerging South Korean offshore wind sector that the country’s government hopes will grow to 12GW by 2030.
The Canadian power group is already a significant player in Taiwan, where it majority-owns the 1GW Hai Long project, and has a partnership for offshore wind development in Japan, adding to its presence in Europe where it cut its teeth in the sector.
Northland was in 2018 reported to have signed a memorandum of understanding with South Korean utility giant Kepco, but that is not mentioned in Northland’s statement.
South Korea expects to deploy a combination of fixed-foundation and floating offshore projects to meet its objectives, a government advisor told Recharge last year.
The country’s generous support mechanism based around renewable energy certificates (RECs) could see developers earning the equivalent of $300/MWh, way above the levels seen in Europe or nearby Taiwan, the official added.