Macquarie’s Green Investment Group (GIG) and energy company Total announced today that they are partnering on the development of a portfolio of floating offshore wind projects in Korea. The initial development portfolio will include 5 projects totalling 2.3 GW of capacity. Three of the projects will be in Ulsan, totaling 1.5 GW and two will be in South Jeolla Province totaling 800 MW.

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.”

The partners announced that co-development activities are expected to begin in the autumn of 2020, subject to regulatory approvals. The first 500 MW phase of the Ulsan project is targeting commencement of construction by the end of 2023. GIG stated that it has already commenced a comprehensive wind data collection campaign to support the portfolio.

The new floating offshore wind projects are expected to play a significant role in the delivery of South Korea’s ambitious renewable energy targets, according to the companies. The government’s RE3020 plan promotes an aggressive increase in its green energy capacity, which includes a goal of reaching 12 GW of offshore wind capacity by 2030.

The companies also announced that the projects will focus on maximizing Korean content within the supply chain, in line with the government’s ‘New Deal’ plan, which targets the creation of 1.9 million new jobs through green energy and other new technologies. GIG stated that it has signed an MoU with Ulsan City and 18 organizations including local manufacturers HESI and Unison, Korea East-West Power, KEPCO-ENC, and a number of R&D organizations including Ulsan Techno Park and Ulsan University. The MoU commits the parties to cooperation on activities that will promote floating offshore wind in Ulsan, develop local technologies and create new jobs.

Julien Pouget, Senior Vice-President Renewables at Total, 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.”