Aker Solutions, EDP Renewables, and WindPower Korea have formed a consortium to build a 500MW floating wind farm in South Korea.

The consortium was created after Spain-based energy company EDP Renewables and Norwegian engineering company Aker Solutions acquired a stake in the development company Korea Floating Wind Power (KFWind).

The stake was acquired from WindPower Korea, a project developer which will continue to hold a minority stake, and from Principle Power. However, the financial details of the transactions were not disclosed.

Principle Power will continue to provide WindFloat foundation technology for the floating wind farm. The company had contributed to the origination of the KFWind project portfolio.

To be located off the coast of Ulsan Metropolitan City, the floating wind project will be built with advanced WindFloat technology. Floating platforms can be installed in deep waters using the technology in order to harness wind resources in the region more effectively.

The consortium aims to help the South Korean government of installing 13GW offshore wind by 2030

The consortium formed by the three companies is expected to contribute to the South Korean government’s renewable energy goals of installing 13GW offshore wind by 2030, and source a minimum of 30% renewable energy by 2040.

In January, KFWind signed a memorandum of understanding (MoU) with the city of Ulsan for the development of floating wind projects and extend support to the industrial development in the region.

The MoU was signed to develop Ulsan as the manufacturing focal point for domestic and export offshore wind markets.

Owing to its shipyards, maritime expertise and port facilities, the Ulsan area is well-suited for commercialising floating wind.

Additionally, the consortium predicts that the project will contribute to economic and environmental benefits to the local community.

Further, the consortium is supported by established industry majors in renewable energy production and offshore project development.