Balmoral Comtec enters agreement for Korea’s 750 MW floating wind project

Balmoral Comtec, part of Balmoral Group, has signed a memorandum of understanding (MoU) with LS Cable & System and LS Marine Solution to collaborate in the floating offshore wind sector and on the 750 MW Bandibuli/Firefly project in South Korea.

The agreement with the Scotland-based buoyancy, protection, and insulation services provider follows LS Cable & System’s MoU with Equinor to cooperate on Bandibuli/Firefly, under which the dynamic subsea cable the Korean cable manufacturer developed is being considered for Equinor’s floating wind farm.

The Korea-based companies aim to collaborate with Balmoral Comtec through this new MoU to establish a secure and optimized operational system for floating offshore wind cables. Additionally, LS Marine Solution will enhance installation efficiency and ensure stable maintenance, supporting the successful execution of the project, Balmoral said on 17 February.

Bill Main, Managing Director of Balmoral Comtec, said: “This Memorandum of Understanding (MoU) highlights our ongoing commitment to the floating wind sector. We are delighted to collaborate with LS Cable & System and LS Marine Solution on the Bandibuli project. Balmoral Comtec is uniquely positioned to support the offshore wind industry, drawing on our decades of experience. By leveraging our innovative products and expertise, we aim to help accelerate the industry’s growth and meet its ambitious targets.”

The 750 MW floating wind farm is planned to be built 70 kilometers off the Ulsan coast across two sites, each covering 75 square kilometers.

Equinor signed an MoU for the development of the Firefly/Bandibuli project with Ulsan City in May 2019 and received approval for the project’s Environmental Impact Assessment (EIA) in July 2024, allowing the wind farm to participate in the fixed-price contract auction for wind power projects.

In October 2024, the wind farm entered into a Transmission Service Agreement (TSA) with Korea Electric Power Corporation (KEPCO) and two months later, in December 2024, the 750 MW Firefly/Bandibuli was announced as one of the five offshore wind projects awarded capacity by South Korea’s Ministry of Trade, Industry, and Energy (MOTIE). Equinor’s project was also the only floating wind farm selected in the auction, the four other offshore wind farms being fixed-bottom.

The Firefly/Bandibuli floating wind farm will feature Siemens Gamesa 15 MW wind turbines, with plans to assemble the nacelles locally under an agreement Equinor signed with Siemens Gamesa in October 2024.

“Although floating offshore wind currently accounts for only about 1% of the market, it is expected to grow rapidly. Through the Bandibuli Project, we aim to secure core technologies and continue leading the market through ongoing technological advancements and global cooperation”, an LS Cable & System official said following the new MoU with Balmoral Comtec.