The potential for Japan's offshore wind market has been recognized for some time, garnering much interest from would-be developers at home and abroad with an attractive JPY 36/kWh. Until now, however, large-scale development of Japan's vast (yet challenging) offshore wind potentially has been largely stymied by a variety of factors, including regulatory uncertainty and grid enhancement issues. A new bill introduced to the Diet in March 2018 clarifies the process for obtaining site occupational certificates for wind farms outside of areas covered by the Port and Harbor Act, removing some uncertainty with one of the biggest hurdles. Will this be sufficient to finally push Japan past the tipping point and into the water?
Although South Korea's offshore wind industry is arguably even less developed than Japan's, its first commercial offshore wind farm came into operation in November last year off the coast of Jeju Island and the winds of change are blowing strong. Long an afterthought, the current Moon administration has made development of renewable energy a cornerstone of the national energy policy. A new policy issued in December 2017 calls for the development of an additional 16.5GW of wind capacity (both offshore and onshore) by 2030. As government policy, technology and regulatory environment align, now is a pivotal time in the development of South Korea's offshore wind energy potential.
Join Tokyo-based partner Joseph Kim and associate Ryan Russell as they discuss challenges and opportunities for developing offshore wind projects in dynamic Northeast Asia.
Joseph Kim, Partner of our Tokyo office will give a presentation on:
Japanese and South Korean offshore wind markets: An overview including regulatory background and recent developments.
The presentation will be in English.