4C Offshore reports that South Korea’s first auction under its new competitive bidding roadmap was completed, with 1,886 MW awarded – 386 MW over the target of 1.5 GW. Oversubscription was observed for both floating and fixed, with over 2.4 GW in bids overall. 

The largest offtake agreement for a floating project on record was awarded to Firefly (750 MW), alongside 1,136 MW of fixed-bottom projects.

Acccording to 4C Offshore, this auction is the first of a possible four bidding rounds scheduled between Q4 2024 and Q2 2026. The roadmap shows an expected volume of 7-8 GW (4.5-5 GW fixed and 2.5-3 GW floating.

-The interest for European suppliers in the Korean market is increasing, and especially within marine operations, members of Norwegian Offshore Wind can offer their expertise. Norwegian companies are a perfect fit for Korea with the maritime experience, says Working Group Leader for South Korea in Norwegian Offshore Wind, Hans Hansen. 

New offshore wind bill passed

This week, the National Assembly of South Korea passed the Offshore Wind Special Bill.

According to APAC Analyst Jens Bøgestad Orfelt, the passing of this bill will allow the government to designate planned offshore wind zones for development with the support and engagement of local governments and stakeholders, including fishermen and residents. Orfelt claims that the bill will help centralise the selection and development of offshore wind farms at a national level with a strategic mindset, in contrast to the current system of being regionally distributed.

-Simplifying and clarifying bid rules and market boundaries will have a positive impact on current and future investment opportunities for energy transition in Asia, ensuring higher degrees of energy independence, continued growth and prosperity for a greener tomorrow. The passing of the bill will serve as an important milestone for providing the industry and investors with confidence that there is a long-term commitment by the government to expand the offshore wind market in Korea, says Orfelt.

Visit NOW will pave the way

Norwegian Offshore Wind will open doors to this market through their collaboration with the Norwegian Embassy in Seoul, The Korean Wind Energy Industry Association (KWEIA), and Korea Trade-Investment Promotion Agency. Last year, Norwegian Offshore Wind also signed and MOU with the region Jeju Island, central to the offshore wind development in South Korea. 

-During the upcoming visit we aim to establish stronger relations between our members who are targeting this market and key industry representatives on the ground in Korea, says Astrid Green, Business Development Manager in Norwegian Offshore Wind.