Haewoori Floating Wind Farm (CIP)
Part of the Ulsan 6 GW floating wind cluster. CIP's flagship Korea floating wind project.
Status
Early Developmentlifecycle stage
ProspectiveHafrok completion outlook
Ownership
CIP — 100% ◆Location
South KoreaSea of Japan (East Sea)
Technology
Capacity
1,500 MW ◇
Turbines
—
Foundation
Floating ◇
Site & conditions
Site rights
Application filed 2022 ◆
Water depth
133–145 m ≈
Wind speed
8.3 m/s @ 150 m ≈
Revenue & grid
Offtake
Certificate ◆
Grid
Secured · Oct 2024 ◇
Connection
KEPCO national grid ◇
Schedule
FID
Not taken
COD · announced
2028 ◇
COD · Hafrok
2035 expected
Delivery outlook modelled by Hafrok · calibrated on delivered projects
2035
expected year of commercial operation
The developer says 2028; Hafrok expects 2035 — 7 years later.
Chance of delivery
≈53%
estimated chance this project reaches commercial operation
Early Development projects complete ≈61% of the time on Hafrok's record. This one sits well below that: a market with a thinner delivery record, a very large build and technical complexity. A secured offtake contract helps only slightly.
COD outlook
If it completes, when — Hafrok’s probability by year (teal)
| Year | Probability |
|---|---|
| 2034 | 14.2% |
| 2035 (expected) | 30.5% |
| 2036 | 24.0% |
| 2037 | 14.4% |
| 2038 | 8.0% |
| 2039 | 4.4% |
| 2040 | 2.4% |
| 2041 | 1.3% |
| 2042 | 0.8% |
How Hafrok got this date
1
No dated milestone yet
Nothing is consented or financed with a date, so the estimate starts from today (
2026), adds the time similar projects (floating, in developing offshore-wind markets) took from consent to operation, plus an allowance for obtaining consent.2
Earliest credible date
Typical consent-to-operation time plus allowances means commercial operation before
2035 is not credible.3
Result
Expected commercial operation
2035, likely range 2035–2041 (the middle half of outcomes for similar projects). With no milestone to build from, the earliest credible date is the estimate, with a deliberately wide range.4
Year-by-year chart
The bars spread that estimate across years using how similar projects actually slipped against their dates — more often late than early, which is why the bars lean right.
5
Chance of delivery — separate from timing
Start from the share of Early Development projects that went on to complete — ≈61%, measured on Hafrok's record of delivered and abandoned projects, with an allowance held back where that record cannot yet speak (projects still unresolved, changed market conditions). About three in four early-stage projects with a final outcome went on to operate — a record from an easier era. Most of today's early pipeline is still unresolved, so the estimate discounts it. Then adjust for this project's own evidence — offtake, market, size, technical complexity — to ≈53%, which rates it
Prospective on Hafrok's four-step delivery scale (Delivering · Expected · Prospective · Fragile).Project timeline verified milestones only — each date carries its provenance mark
Dashed tick marks today (13 Oct 2026). The ▲ below the spine is the developer-announced COD.
Revenue & offtake contract duration and price levels · money of the day
532 MW contracted — utility PPA
● Utility PPA · South Korea 2026 H1 Offshore Wind Auction (fixed-bottom general + public-led + floating)
Priceprice undisclosed ·Capacity532 MWAwardedJun 2026Term20 yrs
Installation how the build is going · from sourced statements and Hafrok’s registers
Installation not started
Installation · on record
StageEarly Development
Offshore constructionnot started
Expected start of operation2028
Sources & verification
Rests on 12 sources (1 primary) · ◆ 6 documents held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Operator2
[10]
기후에너지환경부 (MCEE)2026-06-30◆ '26년 상반기 해상풍력 입찰 결과 5개 사업 1,786MW 선정
“「2026년 상반기 해상풍력 고정가격계약 경쟁입찰 결과, 총 3,656MW, 9개 사업이 응찰해 5개 사업, 1,786MW가 최종 선정되었다.」 The ministry release states round TOTALS only — it names no projects and publishes no per-project prices. The floating …”
supportsMechanismDetail
[11]
Copenhagen Offshore Partners2022-11-14◆ COP announces Spink as name of Korean fl…
“In his role, Spink will oversee COP’s 1.5 GW pipeline of floating offshore wind projects in Ulsan, Korea. Following a successful award for the project’s Electricity Business License earlier this year”
supportsConsentSite rightsConsent applied
Auction results1
[12]
기후에너지환경부 (MCEE), via 대한민국 정책브리핑 (korea.kr)2026-06-30◆ kr-2026h1-mcee-result
"2026년 상반기 해상풍력 고정가격계약 경쟁입찰 결과, 총 3,656MW, 9개 사업이 응찰해 5개 사업, 1,786MW가 최종 선정되었다. 기후에너지환경부(장관 김성환)는 6월 30일 한국에너지공단이 2026년 상반기 해상풍력 고정가격계약 경쟁입찰 결과를 확정하고, 입찰 사업자에게 개별 통보했다고 밝혔다. … 고정식 해상풍력은 총 1,254MW가 선정되…
supportsUtility PPA · South Korea 2026 H1 Offshore Wind Auction (fixed-bottom general + public-led + floating)
Trade press8
[2]
Offshore Wind Biz2025-11◆ CIP Presses Ahead with 1.5 GW Floating W…
Press report — cited, not quoted; read it at the source link.
supportsTotal capacity
[3]
Offshore Wind Biz2024-10◆ Three More Floating Offshore Wind Projec…
Press report — cited, not quoted; read it at the source link.
supportsStatusConnection point
[4]
Offshore Wind Biz2024-07◆ CIP's 1.5 GW Korean Floating Wind Projec…
Press report — cited, not quoted; read it at the source link.
supportsCommercial operation
[5]
Copenhagen Offshore Partners2025
“Copenhagen Offshore Partners (COP), a world leader in development and construction of offshore wind projects, is leading development for the Haewoori Offshore Wind project on behalf of the project's o…”
supportsoperator
[6]
[7]
Ocean Energy Resources2025
Press report — cited, not quoted; read it at the source link.
supportsTotal capacity
[8]
[9]
Unverified import1
[1]
unknown
Press report — cited, not quoted; read it at the source link.
supportsTotal capacityFoundationWater depthCoordinates