The Government of South Korea will invest KRW 1.4 trillion (around EUR 1 billion) in the first phase of the project to develop a 6 GW floating wind farm offshore Ulsan, the countrys president Moon Jae-in said.<\/p>\n
The mammoth project will need a public-private investment of some KRW 36 trillion (EUR 26.7 billion), with the full commissioning expected in 2030. <\/p>\n
Some 20 per cent of the electricity produced at the wind farm could be used to produce around 84,000 tons of hydrogen per year, Moon said.<\/p>\n
This one project alone would meet half of the countrys offshore wind capacity target by 2030.<\/p>\n
The project is expected to create 210,000 jobs, Moon said.<\/p>\n
The 6 GW wind farm will be built at the site of the Donghae 1 gas field which is scheduled to end production in 2022.<\/p>\n
Located some 58 kilometres off Ulsan, the site has already been selected by Korea National Oil Corporation (KNOC), Korea East-West Power (EWP), and Equinor for the development of the 200 MW Donghae 1 demonstration floating wind farm.<\/p>\n
A portion of the power produced at Donghae 1 will be used to power a 100 MW electrolyser plant being developed under a different project.<\/p>\n
As big as this 6 GW floating wind farm is, it is still not the largest offshore wind project announced in South Korea. <\/p>\n
Back in February, the country launched a KRW 48.5 trillion project to build an 8.2 GW fixed-bottom offshore wind farm off the Sinan County, South Jeolla Province, by 2030.<\/p>\n
If both of these projects are fully built, South Korea will blow past its target of having 12 GW of installed offshore wind capacity by 2030.<\/p>\n
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South Korea Unveils EUR 27 Billion Floating Wind Project - Offshore WIND<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Government of South Korea will invest KRW 1.4 trillion (around EUR 1 billion) in the first phase of the project to develop a 6 GW floating wind farm offshore Ulsan, the countrys president Moon Jae-in said. The mammoth project will need a public-private investment of some KRW 36 trillion (EUR 26.7 billion), with the full commissioning expected in 2030. Continue reading