German utility RWE and the city of Ulsan have signed a memorandum of understanding (MoU) to cooperate on the development of floating wind projects off the South Korean coast with a planned capacity of up to 1.5GW.

The projects are in support of South Korea’s ambition to reach net zero in 2050, and to build up to 12GW of offshore wind this decade and reach a 30% renewables share in its power mix.

“At RWE we want to further expand our market presence in South Korea - one of the fast growing markets for offshore wind,” RWE Renewables wind offshore chief executive Sven Utermöhlen said.