Macquarie’s Green Investment Group (GIG) and global energy company Total have signed a series of agreements to co-develop an initial 2.3 GW of floating offshore wind projects in South Korea
The portfolio consists of five projects, three in Ulsan totalling 1.5 GW and two in South Jeolla Province totalling 800 MW.
Subject to the completion of regulatory approvals and satisfaction of conditions precedent, the partners aim to start co-development activities in Q3 2020.
GIG has already commenced a comprehensive wind data collection campaign to support the portfolio, and the first 500-MW phase of the Ulsan project aims to begin construction by the end of 2023.
Total senior vice-president renewables Julien Pouget said, “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.”
GIG global head Mark Dooley said “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 to support the Korean Government’s Green New Deal plan, revitalise the economy and support jobs through South Korea’s green transition.”
The partnership will focus on maximising Korean content within the supply chain, in line with the Green New Deal plan, which targets the creation of 1.9M new jobs through green energy and other new technologies.
GIG has signed an MoU with Ulsan City and 18 organisations including local manufacturers HESI and Unison, Korea East-West Power, KEPCO-ENC, and a number of R&D organisations including Ulsan Techno Park and Ulsan University.
The MoU commits the parties to co-operation on activities that will promote floating offshore wind in Ulsan, develop local technologies and create new jobs.
Total has been active in other sectors in South Korea for more than 30 years. With 5 GW of operational renewable energy capacity worldwide, the group has ambitions for further growth in low carbon energies and is targeting the acquisition of 25 GW of renewable generation capacity by 2025.
GIG and Total’s floating offshore wind portfolio could play a significant role in the delivery of South Korea’s ambitious renewable energy targets. To reduce the country’s heavy reliance on nuclear and coal imports, the government’s RE3020 plan promotes an aggressive increase in its green energy capacity, with a particular focus on offshore wind and associated job creation. The plan targets the delivery of 12 GW of offshore wind capacity by 2030.