Northland Power Inc., a global developer, owner and operator of sustainable infrastructure assets, says it has signed 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.
Dado Ocean is currently owned by Eui Jeong Hwang, a wind power developer who will continue to support the project as a local partner, working together with Northland to achieve key milestones for the project. The acquisition is expected to close in the second quarter of 2020, subject to customary closing conditions.
The acquisition builds on Northland’s presence in Asia and specifically in South Korea. 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.
“This agreement builds on Northland’s strategy to pursue opportunities in South Korea,” says Mike Crawley, president and CEO of Northland.
“We are excited to be part of Korea’s energy transformation as it looks to the future with the government’s Renewable Energy 2030 Program, which aims to achieve 12.0 GW of offshore wind capacity by 2030,” he adds.
Northland is positioned to help South Korea achieve its renewable energy development targets. 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, 35 km off the southern coast of the Korean Peninsula, and together these projects will be developed over the coming years.
Northland owns or has an economic interest in 2,429 MW of operating generating capacity and 399 MW of generating capacity under construction, representing the Deutsche Bucht offshore wind project in the German North Sea and the La Lucha solar project in Mexico.