Deep Wind Offshore has received an Electricity Business License (EBL) for its 345-megawatt Admiral Lee offshore wind project, marking a key milestone for the development off the coast of Yeosu in South Korea’s Jeollanam-do province.
The license, issued by South Korea’s Electricity Regulatory Commission under the Ministry of Trade, Industry and Energy, enables the project to move forward with its next phase, including environmental assessments and securing additional permits.
The Admiral Lee project is being developed in collaboration with Korea Hydro & Nuclear Power (KHNP). The companies previously secured a Public Water Surface Occupancy and Use Permit in December 2024.
“This is a major step forward – not only for the Admiral Lee project, but for Deep Wind Offshore’s long-term presence in Korea,” said Knut Vassbotn, CEO of Deep Wind Offshore. “It is a testament to the strength of true partnerships built on mutual respect and shared ambitions.”
Deep Wind Offshore said the approval underscores increasing cooperation between international firms and South Korea’s domestic energy players in the offshore wind sector.
A floating LiDAR system, installed in May 2025, is currently collecting high-resolution wind data to assess the site’s full potential, which could exceed 1GW in total capacity.
Myoung-won Kang, representative director of Deep Wind Offshore Korea, said the project’s development model prioritises both technical viability and local engagement. “By building a development model that ensures both local acceptance and technical reliability through our strategic partnership with KHNP, we aim to make a substantial contribution to the growth of Korea’s offshore wind ecosystem,” Kang said.
The project may later participate in South Korea’s centrally administered Renewable Energy Certificate (REC) or Power Purchase Agreement (PPA) auction systems.
