Green Investment Group and Total partner to develop 2.3 GW floating offshore wind portfolio in Korea.
The portfolio consists of five projects – three in Ulsan totaling 1.5 GW and two in South Jeolla Province totaling 800 MW.
The portfolio will support the delivery of the Korean Government’s New Deal plan and target to deliver 12 GW of offshore wind by 2030
Subject to the completion of regulatory approvals and satisfaction of other conditions precedent, the partners aim to start co-development activities in the autumn of 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 is targeting commencement of construction by the end of 2023.
GIG and Total’s floating offshore wind portfolio will 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.
The partnership will also 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 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.