The project would use Principle Power’s WindFloat technology — a semi-submersible foundation with buoyancy columns ballasted by water — the project partners said.
They have not specified a target date to commission the project or plans for further capacity.
Korean developer WindPower Korea established Korea Floating Wind Power (KFWind) prior to EDP Renewables and Aker Solutions forming the consortium.
The project partners said Ulsan’s shipyards and port facilities made the city well-suited for commercial floating projects.
KFWind signed a memorandum of understanding (MoU) with the city government in January 2019 to support industrial development in the region so Ulsan could serve as a manufacturing hub for offshore wind off South Korea and abroad.
The project off Ulsan is like to fall under EDPR's potential joint venture with Engie, through which they are aiming to have between 5GW and 7GW of fixed-bottom and floating offshore wind farms in operation or construction by 2025.
South Korea currently has almost 1.2GW of installed wind capacity, according to Windpower Intelligence, the research and data division of Windpower Monthly. Offshore wind accounts for just 38MW of this total.
But several companies have unveiled plans for offshore wind farms off South Korea.
Macquarie’s Green Investment Group is working with Korean fund manager Energy Infra Asset Management to develop a three-phase 1.4GW project off Ulsan.
A consortium of Equinor, the Korea National Oil Corporation and power company Korea East-West Power are developing a 200MW floating wind project also off Ulsan.
And KFWind founder Wind Power Korea is developing three further offshore projects with a combined capacity of 1.2GW.
South Korea’s government also plans to fund a 4GW offshore wind and solar PV complex off the country's south-west coast.
It aims to have 13GW of offshore wind installed by 2030.