Bandibuli Energy has announced today the signing of a Letter of Intent (LOI) with Ulsan City and consortium partners for the development of floating offshore wind farms in Ulsan.
The signing ceremony took place on the 5th at Ulsan City Hall, attended by Ulsan Mayor Doo-gyeom Kim and representatives from participating companies including Bandibuli, Haewoori, KF WINID, and Gray Whale. During the ceremony, participants affirmed their commitment to cooperation in the construction and operation of floating offshore wind farms.
Bandibuli Energy (“Bandibuli”), which participated in this LOI signing ceremony, is pursuing the construction of a 750MW Bandibuli floating offshore wind farm approximately 70km off the coast of Ulsan. The site is located in waters with depths of 150-300 meters, situated about 60-70km from the Ulsan coastline.
International developers pursuing floating offshore wind projects in Ulsan also attended the ceremony to announce their investment plans. Haewoori Offshore Wind (Denmark) plans to complete a 1.5GW wind farm by 2030, while KF Wind (Spain) aims to complete a 1,125MW wind farm by 2031. Additionally, Gray Whale Offshore Wind (a joint venture between France’s TotalEnergies and UK’s Shell) plans to complete a 1.5GW wind farm by 2031.
Bandibuli completed its environmental impact assessment consultation with the Ministry of Environment in July, and other developers also passed their final environmental impact assessments by August.
Torgeir Nakken, Project Director for Equinor’s Bandibuli project, stated, “This investment demonstrates Equinor’s commitment to accelerating South Korea’s energy transition and contributing to Ulsan’s emergence as a global offshore wind hub. Building on Equinor’s accumulated floating offshore wind technology and operational experience, we will work closely with local supply chain partners to successfully deliver the Bandibuli floating offshore wind project.”
Ulsan City is focusing on strengthening its local energy industry competitiveness and fostering new industries, particularly in line with the carbon neutrality and RE100 initiatives. With the implementation of the “Distributed Energy Activation Special Act,” the city views floating offshore wind as a key energy source that requires development.
Mayor Doo-gyeom Kim of Ulsan said, “This project will not only revitalize the local economy but also make significant contributions to realizing our country’s energy transition policy. We will continue to actively cooperate to ensure the project proceeds on schedule.”
Through the development of these floating offshore wind farms, Ulsan is expected to establish itself as a global offshore wind hub, attracting world-class energy technology and capital investment.
