The two companies announced on Tuesday that the portfolio consists of five projects - three in Ulsan totaling 1.5 GW and two in South Jeolla Province totaling 800 MW.
And they say that they aim to start co-development activities in the autumn of 2020, subject to the completion of regulatory approvals and satisfaction of other conditions,
GIG - a global investor and developer of green infrastructure assets - announced that it 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.
According to GIG it has played a key role in the development and delivery of Taiwan’s first commercial scale offshore wind farm, Formosa 1, and is now using that expertise to deliver the Formosa 2 and 3 projects.
The group says the Ulsan projects in Korea were the first floating offshore wind developments in its global pipeline, and demonstrate its commitment to the growth of next generation technologies and frontier markets.
Total - a broad energy company that has been active in South Korea for more than 30 years - says it has strong ambitions for further growth in low carbon energies and targets the acquisition of 25 GW of renewable generation capacity by 2025.
GIG and Total say the floating offshore wind portfolio will play a significant role in the delivery of South Korea’s ambitious renewable energy targets and 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”.
“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,” said Mark Dooley Global Head of GIG.
“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.”
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.”