South Korea to develop 12 GW floating offshore wind portfolio by 2030

Total (Paris, France), a broad energy company that produces and markets fuels, natural gas and low-carbon electricity and Macquarie’s Green Investment Group (GIG; Edinburgh, Scotland, U.K.), concluded on September 1 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 two gigawatts (GW).

Located off the Eastern and Southern coasts of the country (Ulsan and South Jeolla Provinces), the projects are said to 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 the end of 2023.

With the announcement of the "Green New Deal" plan on July 14, 2019, South Korea has reportedly re-affirmed its ambitions to develop renewable energies which plan to reach at least 20% of the power mix by 2030, including 12 GW of offshore wind capacities. It is noted that 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 including extensive shipbuilding know-how and the country’s ambitious R&D programs.

“Our entry in the floating offshore wind segment in South Korea is in line with Total’s strategy to profitably develop renewable energy worldwide and contribute to our net zero ambition,” says Patrick Pouyanné, chairman and CEO of Total. “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. Thanks to its extensive experience in offshore projects, in cooperation with many Korean shipyards, Total is particularly well positioned to contribute to the successful development of this new technology in South Korea together with our partner GIG. We are indeed very keen to expand our long-term cooperation with South Korea, contribute to the diversification of its energy mix and support the emergence of a new industrial sector by maximizing Korean content within the supply chain of these projects.”

Subject to regulatory approvals and satisfaction of other conditions precedent, the partnership will become effective in the autumn of 2020.