The consortium was formed as EDP Renewables and Aker Solutions have invested in the development company Korea Floating Wind Power (KFWind), joining founding shareholder WindPower Korea. Principle Power, which had a role in originating the KFWind project portfolio, will supply its WindFloat foundation technology for the project.
South Korea aims to have 13 GW of offshore wind installed by 2030, and has set a target of at least 30% renewable energy by 2040.
In January 2019, KFWind signed a memorandum of understanding with the City of Ulsan to cooperate on the development of floating wind projects and support the industrial development of the Ulsan region to serve as a manufacturing hub for domestic and export offshore wind markets.
The Ulsan area is said to be well-suited for commercializing floating wind, due to the combination of shipyards, maritime expertise, and port facilities in the region.