November 11, 2024, South Korea – Ulsan City officials announced the formation of a consortium to develop a series of floating offshore wind farms, projected to be the largest globally, with a total capacity of 6.2 GW, equivalent to six nuclear reactors.
The initiative, revealed during a letter of intent signing ceremony, aims to bolster South Korea's energy transition policy while revitalizing the local economy. The project is expected to attract both domestic and international investments in energy technology.
Projected investment exceeds $26.5 billion, with key projects including:
Firefly (Bandibuli) Floating Wind Farm: 750 MW, over 40 miles off Ulsan, led by Norway's Equinor.
Haeuli Offshore Wind Power: 1.5 GW capacity.
KF Wind: 1,125 MW capacity.
Gray Whale Offshore Wind Farm: 1.5 GW, in collaboration with domestic and international partners.
Completion is targeted for 2030 and 2031. Ulsan's strategic location near a robust shipbuilding industry and consistent wind speeds of approximately 18 mph make it an ideal hub for offshore wind power generation. The country's energy policy emphasizes a shift from coal and nuclear energy towards renewable sources.