The South Korean Ministry of Trade, Industry and Energy has awarded Ocean Winds and Aker Offshore Wind with a contract to develop the Korea Floating Wind project.
Ocean Winds is a joint venture of ENGIE and EDPR and will partner with Aker Offshore to develop the 870MW floating wind energy project.
The project will be constructed by Korea Floating Wind (KF Wind), a new joint venture between Ocean Winds and Aker Offshore Wind.
The project will be Ocean Winds’ first large-scale floating project.
The contract awarded by the South Korean government is part of efforts to expand the country’s portfolio of clean capacity.
South Korea has set a target to generate 20% of its energy from renewables by 2030, of which up to 12GW is expected to be sourced from offshore wind, according to the statement. The main goal is to achieve carbon neutrality by 2050.
The target is expected to help South Korea reduce greenhouse gas emissions by at least 40% by 2030 compared to its 2018 peak.
Factors including increases in energy efficiency, technology innovation, hydrogen production and renewable energy deployment will help South Korea achieve its sustainability goals, according to the International Energy Agency (IEA).
