About the turbine blade development process
KF Wind signed a memorandum of understanding with Ulsan’s local authorities in 2019 and is currently finalizing the permits and investigations required to install two floating lidars at the project site. Once the lidars are installed, the project will move forward with the electricity business license application. When this is secured the projects will obtain a lease option and interconnection agreement.
As per current Korean regulations, this south korea wind power project will be entitled to receive pool price plus 3.5 Green Certificates per MWh generated.
Benefits of the south korea wind power
The main impact of the project is its contribution to the local economy and employment opportunities during development, construction and operation. Some of the industries most affected by the project are the steel industry, ports and shipyards.
KF Wind will generate carbon-free electricity, and because the turbines blades are floating and 70km from shore, the korea offshore wind project will have no visual impact and will cause minimal damage to the seabed and marine life.
Finally, the consortium is also committed to working together with fisheries associations and other local stakeholders to ensure the projects are well situated and developed responsibly.
South Korea is the 11th-largest country in the world in terms of GDP and the world’s ninth-largest electricity consumer. The country also has a very high energy dependence and a dirty energy mix. These facts, combined with a very high population density that makes the deployment of onshore renewable technologies difficult, make South Korea one of the most promising markets for offshore energy over the coming decade.