Toronto: Northland Power Inc. announced the signing February 24 of an agreement to acquire Dado Ocean Wind Farm Co., Ltd., a development company with multiple early stage offshore wind development sites near Chodo Island, off the south coast of South Korea.
The acquisition was expected to close in the coming weeks, subject to customary closing conditions. The current owner will continue to support the project as a local partner.
It is anticipated that South Korea’s installed capacity will more than double by 2050, with renewables accounting for approximately 59% compared to 8% in 2018. Offshore wind will make up almost half of this renewable generation.
Northland’s current portfolio in Asia includes a 60% equity stake in the 1,044 MW Hai Long offshore wind project under development in Taiwan and a joint venture to pursue offshore wind development opportunities in Chiba Prefecture, Japan.
The current projects, which are in early stage development, include multiple development sites located in Chodo-ri and Sonjuk-ri of Yeosu City, 35km off the southern coast of the Korean Peninsula, and together these projects will be developed over the coming years.