German energy company BayWa r.e. has signed an agreement with the South Korean city of Ulsan to develop floating offshore wind projects.
The Mayor of Ulsan, Song Cheol-Ho, has been calling for more floating offshore wind to be developed along the coast of Ulsan since his tenure began in 2018 and is optimistic that several GW will be deployed from multiple developers by 2030.
The project will also see BayWa r.e. expand its South Korean portfolio, having entered the market in 2019 to build both onshore and offshore wind developments throughout the country.
The Mayor of Ulsan commented: “It is a pleasure to visit the BayWa r.e. team and build our shared ambition of developing offshore wind, bringing economic benefits to local communities and most importantly, contributing to the global renewable energy transition.”
BayWa r.e. CEO Matthias Taft added: “We respect the commitment of Ulsan City to helping drive forward South Korea’s climate goals, while also realising the benefits renewable energy projects can bring to local industries and communities.
“This month’s COP26 has proven that collaboration between nations is critical if we are to achieve climate goals.”