French multinational oil and gas company Total and Macquarie’s Green Investment Group (GIG) have entered into a 50/50 partnership to develop a portfolio of five large floating offshore wind projects in South Korea with a potential cumulated capacity of more than 2 gigawatts (GW).
Located off the Eastern and Southern coasts of the country (Ulsan and South Jeolla Provinces), the projects have commenced on-site comprehensive wind data collection campaign.
The partners aim to launch construction of the first project of around 500 megawatts (MW) by end of 2023.
With the announcement of the ‘Green New Deal’ plan, South Korea has re-affirmed its strong ambitions to develop renewable energies which shall reach at least 20 per cent of the power mix by 2030, including 12 GW of offshore wind capacities. The country has a significant potential for the development of a floating offshore wind segment, benefiting from a strong governmental support and a unique set of local competencies.
Chairman and CEO of Total Patrick Pouyanné said the company’s entry in the floating offshore wind segment in South Korea is in line with its strategy to develop renewable energy worldwide and contributes to Total’s net-zero ambition.
“We strongly believe in the potential of floating offshore wind in South Korea, which will play a key role in achieving the country’s renewables objectives,” he said.
Subject to regulatory approvals and satisfaction of other conditions precedent, the partnership will become effective later this year.