The Korea Floating Wind (KF Wind) joint venture of Ocean Winds and Aker Offshore Wind has teamed up with state-owned local generation company East-West Power (EWP) for collaboration on the development of gigawatt-scale floating wind sites off the coast of Ulsan.

The companies signed a joint development agreement (JDA) term sheet that includes the option for EWP to participate in KF Wind’s project for the world’s first large-scale commercial floating offshore wind project as a shareholder and to provide a long-term offtake agreement for renewable energy certificates produced by it.