The Green Investment Group (GIG) of Macquarie and the global energy company Total signed a series of agreements to co-develop an initial 2,3 GW portfolio of floating offshore wind projects in Korea.
The portfolio consists of five projects-three totaling 1.5 GW in Ulsan, and two totaling 800 MW in South Jeolla Province. The partners plan to launch co-development activities in autumn of 2020, subject to the completion of regulatory approvals and the fulfillment of other precedent conditions.
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GIG has already launched a detailed wind data collection program to help the portfolio, and the Ulsan project’s first 500 MW phase is targeting construction start by the end of 2023.
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Korea’s Ulsan projects were the first floating offshore wind developments in GIG’s global pipeline, and show GIG’s commitment to the growth of next-generation technologies and frontier markets.
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GIG and Total’s floating offshore wind portfolio will play an important role in delivering the ambitious renewable energy targets set by South Korea.
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The government’s RE3020 plan promotes an intense increase in its green energy capacity, with a particular focus on offshore wind and associated job creation, to reduce the country’s heavy reliance on nuclear and coal imports.
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The plan aims to deliver 12 GW of wind capacity offshore by 2030.
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The partnership will also focus on maximizing Korean content within the supply chain, in line with the government’s ‘New Deal’ plan that aims to create 1.9 million new jobs through green energy and other new technologies.
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GIG has signed a MoU with Ulsan City and 18 organizations including local manufacturers HESI and Unison, Korea East-West Power, KEPCO-ENC, and several R&D organizations including Ulsan Techno Park and University.
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The MoU commits the parties to cooperate on activities promoting floating offshore wind in Ulsan, developing local technologies and creating new employment.
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“Thanks in large part to the country’s world-class shipbuilding and marine plant infrastructure, GIG and Total see significant opportunities for floating offshore wind in Korea. We are committed to working with Korean companies and the local workforce as much as possible in order to support the Korean government’s Green New Deal plan, revitalize the economy and support jobs through Korea’s green transition.”
Mark Dooley, global head of GIG.
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“South Korea benefits from a unique set of competencies and assets to become one of the leading players in the floating offshore wind sector. Total and GIG’s combined expertise and resources will contribute to the success of this strategy and help curb down the country’s carbon emissions, in line with our net zero ambition.”
Julien Pouget, senior vice-president renewables at Total.
