POSCO E&C, Equinor Sign Ulsan Firefly Floating Offshore Wind Agreement | Offshore Wind - Offshore WIND
POSCO E&C, Equinor Sign Ulsan Firefly Floating Offshore Wind Agreement | Offshore Wind
POSCO E&C, Equinor Sign Ulsan Firefly Floating Offshore Wind Agreement
South Korea’s POSCO E&C has signed an agreement with Norwegian Equinor to promote the 750 MW Ulsan Firefly floating offshore wind farm in South Korea.
Through this agreement, POSCO E&C plans to establish a strategic partnership with Equinor, Norway’s state-owned energy company, in domestic offshore wind power development, construction, transportation, and other areas.
“We are working to practice real value management by selecting eco-friendly and renewable businesses such as offshore wind power as the next-generation future growth industry, breaking away from the limitations of the traditional construction industry,” said Sang-woong, head of POSCO E&C infrastructure division.
The 750 MW Ulsan Firefly floating offshore wind farm comprises two 75-square-kilometre areas, 70 kilometres off the coast of Ulsan.
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The project will be developed leveraging a low draft semi-submersible floating concept called Wind Semi.
The marine geophysical survey for the floating offshore wind project was completed at the end of last year by South Korea’s ocean exploration company Geoview.
POSCO E&C said it has been carrying out the conceptual design of an on-land transmission line since January this year in the run-up to the project.
The company also signed in April a technical cooperation deal with another Norwegian partner, DNV, to advance its offshore wind power unit.
“We expect that business cooperation will be a new inflection point for POSCO E&C’s offshore wind power business, and we will concentrate all our capabilities for the success of the business.”
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Related Knowledge Center: Offshore wind energy
Over the next decade, U.S. offshore wind power is expected to grow from a single 30-megawatt wind farm off Rhode Island to more than 2,000 MW of capacity along the Atlantic Seaboard. There are contracts for wind power off the coasts of Massachusetts, Connecticut, New York, Maryland, New Jersey, Rhode Island, and Virginia.
The National Renewable Energy Laboratory has estimated the United States has over 4,000 gigawatts (GW) of offshore wind potential, enough to power the country four times over.
The growth in part being spurred by state solicitations, including in New York, where then-Gov. Andrew Cuomo (D) set a commitment of 9,000 MW of offshore wind by 2035, and in Connecticut, where in June 2021, Gov. Ned Lamont (D) signed legislation authorizing the construction of 2,000 MW of offshore wind by 2030.
The offshore development is also being driven by an investment tax credit set to end in December 2019 and is equal to 12 percent of expenditures. U.S. Sens. Susan Collins (R-Maine) and Tom Carper (D-Del.) have introduced a bill to extend the tax credit for up to eight years.
The Interior Department has held eight competitive lease sales that resulted in 15 offshore wind leases over 1.7 million acres that has the potential for 21 GW of capacity. In February 2022, the Bureau of Ocean Energy Management completed a bidding process that realized $4.37 billion for 488,000 acres across six lease areas in federal waters off New York and New Jersey.
Projects have also been proposed off the Southeast coast, off California and Hawaii, and for the Great Lakes.