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Ocean Winds, Aker Offshore Wind secure second Electric Business License for 1.2 GW floating offshore wind project in Ulsan, South Korea

Aker Offshore Wind | March 3, 2022

Korea Floating Wind (“KF Wind”), the joint venture between Ocean Winds (66.7 percent) and Aker Offshore Wind (33.3 percent), has obtained its second Electric Business License (EBL) from the Ministry of Trade, Industry and Energy of the Republic of Korea for a capacity of 450 MW.

Obtaining the second EBL represents another key step towards realizing the world’s first large scale commercial floating wind project. The EBL is a mandatory requirement to generate and supply electricity in South Korea and follows the 870 MW EBL that KF Wind was granted at the end of January 2022. Overall, KF Wind’s floating wind project now holds a 1.32 GW EBL capacity, covering the 1.2 GW net capacity target (based on grid limits), and able to power the equivalent of over 1.3 million households.

“This second EBL secures us continued exclusive development rights in the East Blue Power area, which KF Wind is developing in collaboration with our partner Kumyang Green Power, an Ulsan-based electrical engineering company and renewable energy developer. Kumyang plays an important role in supporting KF Wind’s relationship with the local administrations and the local communities, and in the engagement with the supply chain,” said Guzman Figar, Project Director of KF Wind. 

“Ocean Winds celebrates this second success, and we are very proud of the efforts of our South Korean team in building relationships of trust with our stakeholders. We are coming together to realize this key floating offshore wind project for South Korea which will contribute toward the national energy transition to decarbonize, as well as the economic development of the region of Ulsan. KF Wind could contribute up to 77 percent of content manufactured in Korea, of which around 63 percent would be fabricated in the Ulsan area, resulting in the creation of thousands of jobs and the reindustrialization of the region,” said Grzegorz Gorski, Chief Operating Officer of Ocean Winds.

“Following the first EBL granted earlier this year, I am very pleased to see KF Wind awarded the second EBL. This confirms a strong vote of confidence from the South Korean government and sustains the pace for South Korea to be the leading market for GW-scale, floating offshore wind power generation. Together with our partners, we are on track to build in Ulsan the world’s first industrial-scale floating offshore wind farms by 2028,” said Philippe Kavafyan, Chief Executive Officer of Aker Offshore Wind.

KF Wind has already commenced most of the field studies and is continuing its engagement with key local users of the ocean as required to secure the remaining permits. The permits are expected to be approved during 2023, with the objective of reaching financial close in 2024.

Ocean Winds: Jose Miguel Mesa

Aker Offshore Wind: Maria Lanza Knudsen, media contact,

Aker Offshore Wind: Christian Yggeseth, investor relations,

About KF Wind

KF Wind is a project being developed offshore Ulsan, South Korea. KF Wind is a joint venture company owned by Ocean Winds (66.7 percent) and Aker Offshore Wind (33.3 percent). The first EBL of 870MW is KF Wind’s exclusively while the second EBL is a partnership between KF Wind and Kumyang Co.

Project Statistics:

  • Capacity: EBL capacity at 1,320 MW (EBL1 870 MW + EBL2 450 MW), grid capacity at 1,200 MW
  • Location: 80km off the coast of Ulsan, South Korea
  • Power generation: 4,000GWh of electricity annually to power the equivalent of over 1.3 million households
  • Environmental benefits: Reduce nearly 3 million tCO2eq greenhouse gas emissions every year

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About Ocean Winds

Ocean Winds (OW) is an offshore wind energy joint venture owned 50:50 by EDP Renewables and ENGIE. Both companies believe that offshore wind is becoming an essential part of the global energy transition, which will lead to rapid growth in the sector and increased competitiveness. They have therefore included their entire portfolio of existing and ongoing offshore projects in the new company.

OW has a strategic advantage and a privileged position to play a leading role in the offshore market. EDPR and ENGIE have combined their offshore wind assets and project portfolio in OW, starting with a total of 1.5 GW under construction and 4 GW under development, with a target of 5-7 GW of projects in operation or under construction and 5-10 GW in advanced stages of development by 2025.

OW, headquartered in Madrid, currently has a presence in 8 countries and is mainly targeting markets in Europe, the United States and selected geographies in Asia, where most of the growth is expected to come from.

About Aker Offshore Wind

Aker Offshore Wind is an offshore wind developer focused on assets in deep waters and specialized on floating energy systems. With global operations, the current portfolio consists of development projects and prospects located in Asia, North America and Europe. Aker Offshore Wind effectively deploys cost effective technologies from decades of offshore energy development. The company is majority-owned by Aker Horizons, an investment company dedicated to creating value and reducing emissions from renewable energy and decarbonization technologies. Aker Offshore Wind [AOW-ME] is listed on Euronext Growth in Oslo, Norway.