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BayWa r.e. has signed a Memorandum of Understanding (MOU) with Ulsan City, South Korea, for the development of floating offshore wind projects off the coast of Ulsan.
Since being elected Mayor of Ulsan in 2018, Song Cheol-ho has been successfully promoting floating offshore wind off the coast of Ulsan and the resulting benefits it would bring to local communities. As a result, the proposed scheme enjoys high levels of public support – a key consideration of the South Korean government in determining where offshore wind should be focused – and could see several GW developed by multiple developer consortia by 2030.
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. This month’s COP26 has proven that collaboration between nations is critical if we are to achieve climate goals. We now look forward to progressing our partnership with Ulsan City and the local community to deliver the project in the best way possible.”
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, steadily expanding its existing pipeline. The company places a high priority on key partnerships with local suppliers, distributors and contractors and is committed to leverage these as its work in Ulsan progresses to ensure maximum benefit to the region.
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.”
The signing of the MOU marks another milestone in BayWa r.e.’s ambitions for the offshore wind sector. The company already participates in the ScotWind tender, the Offshore Wind leasing tender in Scotland. Furthermore, in September 2021, BayWa r.e. pre-qualified for participation in the largest call for tenders for floating wind on an industrial scale in Europe to date, held in Brittany, France. BayWa r.e. is also a key player in the global onshore wind market and solar sectors and brings many years of project development, asset management and technical experience to its work in the offshore sector.