The project will have 200MW capacity and is expected to be completed by 2024.
Equinor, Korea National Oil Corporation, and Korean power company Korea East-West Power have formed a consortium to develop a 200MW floating offshore wind project Donghae 1 off Ulsan in South Korea.
If completed by 2024, the 200MW Donghae project will be the first and largest utility scale floating offshore wind project in the region, according to Wood Mackenzie senior analyst Robert Liew.
"It will also signal to the market, the commercial viability of such projects, and boost the growth of offshore wind as floating offshore wind enables access to more offshore sites, and opens up potential new opportunities in other regional markets outside East Asia," Liew added.
Wood Mackenzie expects the South Korea’s offshore wind capacity to increase 64 times in 2019 to 6.4GW by 2030. By then, offshore wind will make up about 6% of the country’s power mix.
Photo by Untrakdrover - Own work, CC BY-SA 3.0
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