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.

“South Korea’s excellent wind resource in combination with deep waters close to energy demand poses a great opportunity for floating wind.”

“The initiative taken by the Ulsan City is exactly what is needed – for developers like RWE as well as the supply chain to take the significant investment decisions required.”

Ulsan city had also signed a MoU on floating wind cooperation with German developer BayWa r.e., which involves local industrial conglomerate Hyundai Heavy. Several Western developers have lined up for floating projects off the coast of Ulsan in the Sea of Japan, among them oil majors Shell, Equinor and TotalEnergies.

RWE already has an office in the South Korean capital of Seoul, whose team will work with relevant authorities, local stakeholders and supply chain partners to ensure that potential floating wind projects are well-sited and developed responsibly and safely, the company said.

The city of Ulsan will provide its government relationships and local network to support RWE, especially during the planning and permitting phase. After consultations with the relevant authorities, associations and local community, a feasibility study will be conducted to define the plan of developing, constructing and operating floating offshore wind projects off the Ulsan coast.

“South Korea is transforming its energy mix from nuclear power and coal to renewable energy,” said Song Chul-ho, mayor of the Ulsan Metropolitan City.

“Our regional goal is that Ulsan City becomes carbon neutral by 2050. To reach this, we have to harness the good wind resources off the Ulsan coast.”

“The Ulsan region offers a combination of industry-leading shipyards, maritime expertise and port facilities.”

Wind

RWE eyes gigawatt-scale floating wind capacity off Ulsan in South Korea