Principle Power partners Korean shipyard for WindFloat mass production

Floating wind technology company Principle Power today unveiled a partnership with South Korean shipbuilder HSG Sungdong to cooperate on the mass production of its WindFloat floating structure.

The parties have signed a non-exclusive memorandum of understanding (MoU) for this partnership. Principle Power will provide HSG Sungdong with inputs on WindFloat design, specifications and lessons learned to help the Korean shipyard optimise its facilities and processes for large-scale and cost-effective fabrication and assembly of floating wind foundations, said Lucio Rodrigues, head of supply chain, and procurement for Principle Power.

“Principle Power collaborates with partners globally to help them prepare for the serial manufacturing and delivery of WindFloat foundations,” Rodrigues added.

According to Jinsang Lee, HSG Sungdong chief executive, the MoU “targets the world’s first mass-production of floating offshore wind substructure.”

The companies said their collaboration supports South Korea’s ambition to have 14.3 GW of offshore wind capacity by 2030. To achieve this goal, the government has introduced an annual auction system offering fixed-price contracts for offshore wind projects. The auction system includes a REC multiplier mechanism aimed at kickstarting a domestic floating offshore wind industry, Principle Power said.

Auctions for the first floating projects are expected in the third quarter of 2024.

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