The parties signed a MoU for the floating-type offshore wind project on 15 December, according to local media reports.

Under the project, OW Offshore will develop 1.5GW floating offshore wind power in three 500MW complexes in the exclusive economic zone (EEZ) about 72km off Ulsan. Currently, the company is installing a weather gauge and reviewing business feasibility.

The news came as South Korean government is working on developing 4.6GW floating offshore wind power in the southeastern region from 2026.

The nation's East Sea coast is the best location for floating offshore wind power, so we must prepare for the future. I hope that KHNP, OW Offshore and Kumyang Industrial Development will jointly push for the world’s largest floating offshore wind power estate development project,

...stated Lee In-shik, head of the KHNP green energy headquarters.