A wind turbine equipment manufacturer built a new factory about a month ago. It was to produce equipment for a domestic offshore wind farm. The company had originally planned to operate the factory starting late this year.
A company official said recently that deliveries had been postponed by several years due to financial problems at the developer. The wind farm in question was selected in a government fixed-price bid, but was subsequently delayed. Talk of equity sales and acquisitions followed, and the project was reportedly temporarily suspended recently. Some projects have been cancelled entirely. The Ulsan floating offshore wind project "Firefly" (750 megawatts) was selected in the 2024 government fixed-price bid but was ultimately abandoned this year after delays caused by failed Renewable Energy Certificate sales contracts.
