• 2019 October 21 12:12

    Aker Solutions and EDP Renewables to develop floating wind farm in Ulsan, South Korea

    WindPower Korea, EDP Renewables and Aker Solutions have formed a consortium with the ambition to develop an initial 500 megawatt (MW) floating wind farm off the coast of Ulsan Metropolitan City in South Korea.

    The consortium was formed as EDP Renewables, one of the top wind energy producers globally, and Aker Solutions, an engineering and technology company with a 40-year track record of realizing offshore projects, have invested in the development company Korea Floating Wind Power (“KFWind”), joining founding shareholder WindPower Korea. Principle Power, which had a role in originating the KFWind project portfolio, will supply its proven WindFloat® foundation technology for the project.

    The new consortium is committed to support the ambitious renewable energy plans of the South Korean Government, which call for 13 gigawatt (GW) of offshore wind to be installed by 2030 and set a target of at least 30 percent renewable energy by 2040. KFWind signed a Memorandum of Understanding with the City of Ulsan in January 2019 to cooperate on the development of floating wind projects and support the industrial development of the Ulsan region to serve as a manufacturing hub for domestic and export offshore wind markets.

    The Ulsan area is well-suited for commercializing floating wind, due to the combination of industry-leading shipyards, maritime expertise and port facilities in the region. The consortium foresees that a potential project will contribute with significant positive economic and environmental benefits to the local community. The wind farm will use the cutting-edge WindFloat technology, which enables the installation of floating platforms in deep waters that were previously inaccessible, and where the best wind resources in Korea can be harnessed. The consortium has been committed from the beginning to working hand-in-hand with the local fisheries associations and stakeholders to ensure that projects are well-sited and developed responsibly.

    The consortium has the backing of established industry leaders in renewable energy production and offshore project development, combined with the local market and industry expertise provided by WindPower Korea.

    EDP Renewables, majority-owned by the Portuguese energy company EDP, is one of the top wind energy producers with operations in 14 countries. The windfarm will be included with the joint venture announced between EDP Renewables and Engie, that will aim to become one of the five largest offshore wind energy operators globally, created to harness offshore wind energy opportunities around the world. The EDP Renewables/Engie JV currently has 1.5 GW of capacity under construction and a further 4 GW in the pipeline globally.

    The firm has a solid commitment to the Windplus consortium, which is set to deploy the three largest offshore wind turbines on a floating platform to date at the 25 MW WindFloat Atlantic project currently under construction in Portugal. Therefore, EDP Renewables has a unique expertise in floating offshore energy generation.

    Aker Solutions is part-owned by Aker ASA, an industrial investment company with ownership in several energy and maritime companies. Aker Solutions provides offshore technology and engineering solutions globally, and has delivered more than 60 percent of the world's semisubmersible floating structures.

    About the Transaction

    EDP Renewables and Aker Solutions acquired a significant stake in KFWind from WindPower Korea, a project developer which remains a minority shareholder, and from Principle Power, a global leader in floating wind technology, which will exit the shareholding to focus on growing its core technology and services business in the Korean market. Green Giraffe, a specialist advisory firm focused on the renewable energy sector, advised KFWind. The parties agreed to not disclose the value of the transactions.




2019 November 17

16:12 Port of Dover wins ESPO Award 2019
14:47 Aker Solutions and leading operators join forces to qualify subsea gas separation
14:12 Wight Shipyard Co to build an innovative hybrid CTV for CWind
12:42 PSA Marine and Wartsila join hands to tackle climate emergency
11:38 A.P. Moller-Maersk improves operational profitability
10:15 ABS and Arista launch smart shipping journey

2019 November 16

16:42 Team Tankers International Ltd. announces Q3 2019 results
15:02 GasLog places NOK 900M of senior unsecured bonds due 2024
14:23 BTG and GoodFuels preparing for major investment in bio-refinery to support shipping’s low carbon fuels demands
13:41 Third L-class delivered in China
12:32 Seaspan to purchase a fleet of six containerships on long-term charter for $380 million
11:28 Mammoet inks agreement with Port of Coeymans Marine Terminal to strengthen presence along East Coast
10:18 Metal Sharks delivers pilot boat duo to BCMT

2019 November 15

18:09 Coast Guard medevacs cruise ship Aida Perla passenger just off Ponce, Puerto Rico
17:48 Sovcomflot reports its results for third quarter and nine months of 2019
17:23 Wärtsilä and PSA Marine collaborate to achieve clean energy shipping
17:15 Bollinger Shipyards contracted to build ocean transport barge
17:00 Composit supports 7th International Forum of Dredging Companies as its Sponsor
16:57 Ulstein unveils its concept of the first hydrogen powered offshore vessel
16:36 RF Government separates positions of Deputy Transport Minister and head of Rosmorrechflot
16:14 IMO holds training on impacts of anti-fouling systems and ships’ biofouling on marine environment
15:39 Norway boosts IMO's GreenVoyage-2050 GHG project
15:11 New Wärtsilä Expertise Centre provides value-adding lifecycle support
14:57 LUKOIL commissions phase three facilities at Filanovsky field
14:30 NSR cargo traffic totaled 26 million tonnes year-to-date, up 63.5% YoY
14:13 Georgia Ports Authority up 3.5 percent to 428,400 TEU in October 2019
13:13 Diana Shipping announces direct continuation of time charter contract for m/v Medusa with Cargill
12:51 Multipurpose Reloading Complex reports 4-fold increase of allocations for environment protection to RUB 11.5 million
12:32 ABI Research: Commercial fleets looking to tech to accelerate ROI in the face of rising costs, competition, and uncertainty
12:13 Port of Oakland names Danny Wan Executive Director
11:28 ESL Shipping participates in Intelligence Hunt
11:00 CMA CGM to apply GRI from Canada West Coast to worldwide destinations (Excluding EU, Russia & USA)
10:41 Delft Dynamics, Next Ocean and Damen perform qualification test in North Sea
10:40 Gremyashii corvette of RF Navy’s Nothern Fleet to be tested in White Sea
10:16 Training ship Perekop of RF Navy's Baltic Fleet arrives in Republic of Myanmar
09:54 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:39 MABUX: Bunker market this morning, Nov 15
09:32 Brent Crude futures price is up 0.45% to $62.56, Light Sweet Crude – up 0.51% to $57.06
09:13 Baltic Dry Index is up to 1,364 points

2019 November 14

18:19 French Prime Minister Edouard Philippe inaugurates CEVA Logistics’ new headquarters in Marseille
18:00 Boosting handling of cargo bound for Arctic considered as strategic development vector of Murmansk Commercial Seaport
17:41 Port of Liepaja (Latvia) handled 5.92 million tonnes of cargo in 10M'2019, down 5.1% Y-o-Y
17:20 Gasunie, EBN, Port of Amsterdam and Tata Steel work together on the development of a CCUS project in the North Sea Canal area
16:49 Hung Hua Construction of Taiwan orders third Fast Crew Supplier this year to support offshore wind ambitions
16:36 Main engines loaded onto second serial ship of PV22 project at Nevsky Shipyard
16:15 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
15:59 Yevgeny Savkin appointed as General Director of Novyie Kommunalnyie Tehnologii in Ust-Luga port
15:15 The ICS and ECSA call for immediate and effective intervention after yet another attack in the Gulf of Guinea
15:12 Restoration of 90 year old Amsterdam bridge by Niron Staal
14:43 Expert forecasts scrubbers to consume some 600,000 barrels of heavy fuel per day in 2020
14:14 Norway boosts IMO's GreenVoyage-2050 GHG project
13:32 Sea Port of Saint-Petersburg invested RUB 630 million in development in 9M’19, up 53% YoY
13:11 MOL earns AIP for design of bow wind-shield, ultra-large containership
12:30 Bunker prices are flat at the Far East ports of Russia (graph)
12:04 CMA CGM announces FAK rates from Asia to the Middle East Gulf
11:23 Aleksey Rykovanov appointed as General Director of Murmansk Commercial Seaport
11:01 Arista Shipping starts the path to smart shipping operations with an ocean data agreement with ABS
10:39 RF Government supports expansion of Murmansk Transport Hub capacity to 65 million tonnes by 2035
10:16 MABUX: Bunker market this morning, Nov 14
10:02 WesCom Signal and Rescue goes green at METSTRADE 2019