South Korea: BayWa and Ulsan sign MoU for floating offshore wind

BayWa r.e.
Image credit: BayWa r.e.

Ulsan City mayor, Song Cheol-ho, has signed an agreement with global energy developer BayWa r.e. to promote the development of floating offshore wind in South Korea.

The partnership will look to garner public support for offshore wind, a key consideration of the South Korean government in determining where projects should be focused – and could see several GW developed by multiple developer consortia by 2030.

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Matthias Taft, CEO of BayWa r.e., commented on the signing: “It is an honour to collaborate with Mayor Song Cheol-ho and distinguished representatives from Ulsan City, Hyundai Heavy Industries, Sejin Heavy Industries, the Korean Energy Agency and Korean Hydrogen Industry Association, at the start of what we intend will be a successful partnership for BayWa r.e. and Ulsan City.

“We share the same commitment and recognition in the importance of engaging with local communities and stakeholders and ensuring they are made part of the renewable energy transition and benefit from it.”

“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.”

Song Cheol-ho, Mayor of Ulsan, commented: “Technical experience, strong local partnerships and commitment to the development of the Ulsan region are crucial attributes we look for in a partner, and we have found this in BayWa r.e. 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. entered the South Korean market in 2019 with the opening of a new office in Seoul and is actively pursuing on- and offshore wind and solar developments in the region.

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