Haewoori Offshore Wind Project is the world’s largest floating offshore
wind project totaling 1.5GW off the east coast of Ulsan.

Haewoori Offshore Wind was established as a project company by CIP/COP Korea
(Copenhagen Infrastructure Partners & Copenhagen Offshore Partners Korea), the Korean subsidiary of CIP/COP,
an exclusive offshore wind partnership between the world’s largest green investment fund (CIP)
and one of the world’s leading offshore wind development teams (COP).

Haewoori Floating Offshore Wind Project I, II, III Project site map

Site

01

75-95 km off the east coast of Ulsan
Water depth

02

120 ~ 130m
Wind speed

03

8.5 ~ 8.7m/s
Total capacity

04

1.5GW

Project stage

2022

Obtained Electricity Business
License approval
2024

Auction award
2025

Financial close
2028

Commercial operation

Currently, Haewoori Offshore Wind has successfully secured Electric Business Licenses (EBLs) for the
Haewoori Offshore Wind 1, 2, and 3 Projects.
The company is actively engaged in the business development phase for these projects.

Through the Haewoori Offshore Wind project, we will strive to contribute
to South Korea's transition to renewable energy and carbon neutrality goals.
Furthermore, we will endeavor to contribute to Korea’s energy security and sustainable economic growth.

Advantages & Expectations

Unlimited source of clean energy

Offshore wind power, a fossil fuel-free form of energy generation, does not emit greenhouse gases or release harmful pollutants. It stands as a vital solution to mitigate environmental impact and combat the climate crisis. It also represents an optimal, green energy source that remains infinite for as long as the sea and wind exists.

Economies of scale

The Haewoori Floating Offshore Wind Project has a planned capacity of 1.5GW, roughly equivalent to that of 1.5 nuclear reactors. The project is particularly noteworthy given its location in Ulsan, one of Korea’s major industrial cities. By generating electricity closer to people and large industry, the costs to build and run offshore wind infrastructure is proven to be cost-effective by minimizing energy lost during transmission. In the future, technological advancements and accelerating progress means offshore wind power is expected to become cost competitive with conventional energy sectors.

Minimal environmental impacts

Offshore wind projects have advantages over and face fewer restrictions to development compared to other renewable energy projects, given their location and development offshore out at sea. They also offer significant benefits including minimal concerns regarding noise pollution and preservation of coastal views. Also, their distant development from the shore helps avoid potential conflicts with local residents and fishermen.

Generating high-quality jobs

During the three-year development phase, it is expected that the Haewoori Floating Wind Project will create thousands of jobs annually. It is also expected that over 25-30 years of operation, the project will continue to offer high quality jobs, actively stimulating the local economy.

Environmental Impact Assessment

Environmental Impact Assessment

Environmental Impact Assessment (EIA) is a comprehensive evaluation process that assess the potential environmental impacts during the construction and operation of offshore wind plants. This assessment analyzes the effects on marine ecosystems, seabed habitats, marine mammal populations, and other factors.

The EIA also evaluates noise and socio-economic impacts. EIA ensures responsible and sustainable development of offshore wind farms by identifying and implementing mitigation measures to minimize negative impacts.

The scope of Haewoori Offshore Wind’s environmental impact assessment includes surveys on terrestrial ecosystems, seabirds, marine ecosystems, and marine environments, as well as environmental quality such as water quality, air quality, soil, noise, and more.

Haewoori Offshore Wind has partnered with a specialized environmental impact assessment survey company and is presently engaged in conducting its environmental impact assessment surveys.

Investigations

Geophysical survey for offshore wind development is a process of collecting data required for the planning, design, and construction of offshore wind projects.

You can find further details in the list of notices to mariners below.

Notice to Mariners

Permits and licensing

Haewoori Offshore Wind is currently in the process of acquiring necessary permits and licenses

FAQ

Q. What does the project’s name Haewoori mean?
- A .
  
  ‘Haewoori’ means “A story that we make at sea and in Ulsan”. The project was named as such to show our ambition to cooperate and co-prosper with Ulsan citizens and develop an offshore wind complex that represents Ulsan together.
Q. How big is the Haewoori Project?
- A .
  
  The Haewoori Offshore Wind Project consists of 3 sites, and a total capacity of 1.5GW.
Q. Why was Ulsan chosen as the project site?
- A .
  
  Ulsan is home to Korea’s major heavy industries such as shipyard, steel and electric and electronics. Equipped with the industrial ecosystem essential to the offshore wind sector, Ulsan is ideally positioned for the development of offshore wind. In addition, the East Sea adjacent to Ulsan is deeper
Q. Why is the project developed as a floating offshore wind farm?
- A .
  
  Floating offshore wind energy is based on floating platforms for wind turbines. By moving further away from the coastline, it is possible to establish large-scale farms and achieve cost effectiveness by taking advantage of higher speed winds. Ulsan also has the right environmental conditions such as
Q. What environmental effects will accompany floating offshore wind energy?
- A .
  
  Some raise concerns about noise, impacts on scenic values, limitations on fishing operations and marine conservation issues. That said, Haewoori Project is developed and constructed in a way that reduces negative impacts on the ecosystem and fishing activities.
Q. Are there floating offshore wind farms that are in operation?
- A .
  
  COP has been pursuing floating offshore wind projects totaling 20 GW in California, Taiwan, Italy, Ireland, and Scotland.
Q. How much will be invested in the Haewoori Project?
- A .
  
  Constructing a 1.5GW Haewoori offshore wind farm would be a multi-trillion KRW project. Throughout the development of Project I, II, and III, key parts will be domestically sourced, resulting in a KRW 5-6 trillion increase in domestic production.
Q. Does the project collaborate with Korean businesses?
- A .
  
  Haewoori Project has been moving forward in partnership with various Korean companies. We are committed to working with more Korean partners to establish and foster an ecosystem for the floating offshore wind industry and achieve transition to sustainable energy.
Q. What is the project timeline?
- A .
  
  In 2022, the project obtained approval for the three floating offshore wind farms with a total capacity of 1.5GW. The project plans to win bids in 2024, complete financial arrangements in 2025 and start commercial operation in 2028.
Q. What is expected from the Haewoori Project?
- A .
  
  The completion of the Haewoori offshore wind farm in Ulsan is expected to play a crucial role in helping Korea meet its Nationally Determined Contributions (NDC) target and carbon neutrality goal. Haewoori offshore wind is committed to establishing domestic offshore wind supply chains to ensure the