BayWa r.e. plans floating offshore wind development in South Korea

Baywa R.E. Ag signed a memorandum of understanding with the South Korean city of Ulsan to develop floating offshore wind projects off its coast.

The proposed scheme could see several gigawatts developed by 2030, the German company said in a Nov. 26 news release. South Korea is aiming to grow renewables by approximately 60 GW to 2034, including 12 GW of offshore wind capacity by 2030, as part of its ongoing energy transition.

"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.," Ulsan Mayor Song Cheol-ho said.

BayWa entered the South Korean market in 2019 with the opening of a new office in Seoul and is actively pursuing wind and solar developments in the region.

The BayWa AG subsidiary is also participating in Crown Estate Scotland's ScotWind leasing round. Elsewhere, BayWa pre-qualified for participation in the French call for tenders for floating wind.