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GIG and Total float 2.3 GW plan for South Korea

By: James Bernthal-Hooker 01/09/2020 Green Investment Group

General Windfarms

Plans for a new 2.3 GW floating wind portfolio in South Korea have emerged. Macquarie’s Green Investment Group (GIG) and energy company Total intend to develop five projects together. Three of these, totaling 1.5 GW, will be in the Ulsan region, and two, totaling 800 MW, in the South Jeolla province.

This news is not a surprise, as GIG has been active in soliciting surveys and scoping stakeholders for these areas. The partners plan to begin co-development activities in the coming months, but there are still some regulatory approvals to be completed. The first of the three 500 MW Ulsan projects is expecting to enter construction by end-2023.

So far, GIG has supported 16 offshore wind projects, and it has a global development pipeline exceeding 25 GW, of which 4.5 GW is Asian offshore wind capacity. Among its past successes, GIG has aided the development and delivery of the Formosa 1 offshore wind project in Taiwan, where it is now instrumental in realizing Formosa 2 and Formosa 3. Total has a 30+ year history of activity in South Korea and is aiming to acquire 25 GW of renewable capacity in the next five years. This partnership is clearly strategically beneficial to both parties.

Under the South Korean government’s RE3020 Plan, and the new leading party’s ‘Green New Deal’, the nation is targeting 12 GW of offshore wind by 2030. Back in June, the city of Ulsan signed Memoranda of Understanding with 19 floating wind companies.

Mark Dooley, Global Head of GIG, 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 in order to support the Korean government's Green New Deal plan, revitalize the economy and support jobs through Korea’s green transition.”

“South Korea benefits from a unique set of competencies and assets to become one of the leading players in the floating offshore wind sector”, added Julien Pouget, Senior Vice-President Renewables at Total. “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.”

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GIG and Total float 2.3 GW plan for South Korea

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