On October 23, Bandibuli Energy hosted a ceremony at the Mercure Ambassador Ulsan Hotel, where 30 fishing associations from the Ulsan and Gyeongbuk regions submitted their letters of intent to join the Bandibuli Floating Offshore Wind Regional Compensation Council.
This milestone follows months of dedicated engagement with local fishing communities, during which Bandibuli Energy actively sought input and discussed mutual growth opportunities through direct meetings with fishermen in the Ulsan and Gyeongbuk regions.
This Letter of Intent ceremony is the result of months of field efforts by Bandibuli Energy and HA energy, leaders in local renewable energy development, to engage with fishermen. Both companies have visited fishermen in Ulsan and Gyeongbuk to listen to their concerns and discuss ways to work together.
The ceremony was attended by representatives from 30 regional fishing associations and Bandibuli Energy executives, including Project Director Torgeir Nakken. The Regional Compensation Council, established in accordance with the Ministry of Trade, Industry and Energy’s offshore wind power guidelines, will serve as a platform where power generators, technical experts, residents, and fishing industry representatives can collaboratively discuss fair compensation measures.
The leadership of the fishing associations expressed their appreciation for Bandibuli Energy’s sincere communication efforts, stating, “We highly value Bandibuli Energy’s genuine commitment to dialogue, and look forward to developing win-win solutions through the Council.”
“Through this council, Bandibuli Energy will gather and unify various opinions, creating a single communication channel for residents and fishermen affected by the Bandibuli Floating Offshore Wind Power Project. We aim to seek co-existence and pursue sustainable cooperation with the local community, positioning this project as a model of collaboration,”says Torgeir Nakken, Project Director for Bandibuli.
“The Bandibuli Floating Offshore Wind Power Project represents a potential new growth engine for the renewable energy industry. One of the key factors for the project’s success is collaboration with the fishermen and local residents. Since this project is closely tied to the livelihoods of the fishermen, we want to create an open platform for all stakeholders to communicate through this compensation regional council, and we will continue to pursue coexistence through ongoing dialogue,” says Dohyun Park, Deputy Project Director for Bandibuli.
Bandibuli Energy Co. (100% owner by broad energy company Equinor) is pursuing one of the world’s largest floating offshore wind power projects, with a capacity of up to 750MW. The project is located approximately 60-70km east of Ulsan and is expected to contribute to the Korean government’s 2050 carbon neutrality goal and expansion of renewable energy capacity in Korea. The Bandibuli project received its Electric Business License in 2021, and an approval of the project’s Environmental Impact assessment in July 2024. The project is now preparing to participate in one of the upcoming PPA auctions in Korea.
