Is the Floating Power Plant on the Sea Catching a Favorable Wind for Offshore Wind Power Projects?

Ulsan Floating Offshore Wind Power Project Attracts Over $160 Million in Foreign Investment

Project Progressing Through MOUs with Five Foreign Direct Private Investors Since 2019

In June 2020, Mayor Song Cheol-ho (left) held a regular briefing at the Ulsan City Press Center regarding the plan to foster the floating offshore wind power industry in Ulsan. [Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The floating power plant on the sea, Ulsan's offshore wind power complex construction project, is gaining momentum with foreign investment alone pouring in over 180 billion won.

Ulsan City announced on the 26th that foreign direct investment (FDI) of more than 160 million dollars has been reported so far for the 'Floating Offshore Wind Power Complex Construction Project,' the first of its kind in Korea.

The Ulsan floating offshore wind power complex will be constructed in the sea near the Ulsan Donghae Gas Field with a scale of over 1 gigawatt (GW) by 2025, and aims to expand to 6 gigawatts (GW) by 2030.

Since 2019, Ulsan City has signed business agreements with five global offshore wind private investment companies and has been developing the floating offshore wind power complex led by the private sector.

The five private investors are Equinor, Shell-CoensHexicon, GIG-TOTAL, CIP-SK E&S, and KFWind.

Regarding the current status of foreign direct investment, reports have been made for a total of over 160 million dollars: 54.975 million dollars in September 2020, 100.65 million dollars in December 2020, and 242,000 dollars in February 2021.

This reported amount will be used for the establishment of domestic foreign-invested companies and initial business preparation funds. The scale of foreign direct investment (FDI) is expected to continue increasing as the project progresses through each phase.

An official from Ulsan City said, "We expect the floating offshore wind power project to gain full momentum through foreign direct investment," adding, "With the full-scale project promotion, it will be possible to create new jobs, revitalize the local economy, and foster an eco-friendly low-carbon energy industry."

This content was produced with the assistance of AI translation services.