Korea is the fourth largest coal importer in the world, and the country’s two-thirds of the electricity is generated from fossil fuels.
The Korean government’s RE3020 plan targets an aggressive increase in green power generation goals, up to 20% of green generation by 2030 and 30~35% by 2040. Moreover, the ‘Green New Deal’ announced by Korean Government plans to invest about the US $144 billion in creating 1,901,000 jobs in the sector by 2025. Green New Deal focuses on renewable energy, green infrastructure, and the industrial sector.
Korea is surrounded by deep waters, making the country a suitable location for floating offshore wind projects.
Macquarie’s Green Investment Group (GIG) and TotalEnergies have obtained an electricity business license (EBL) for their floating offshore wind project located off the coast of Ulsan, Korea. It is the first floating offshore wind project in Korea to awarded an EBL by the Ministry of Trade, Industry and Energy’s Electricity Regulatory Commission.
With a maximum installed capacity of 1.5 GW developed across three phases, it’s one of the largest floating offshore wind developments in the world. The EBL grants the partners exclusive development rights to progress the project’s first phase of 504 MW. Detailed environmental impact assessments will now commence on phase one, and construction is expected to start in 2024.
Once operational, the full 1.5 GW project is expected to produce enough electricity to power the equivalent of over 1.5 million households and reduce emissions by approximately 2.3 million tCO2e per annum.
Through the project, GIG and TotalEnergies aim to help deliver the Korean government’s ‘Green New Deal’, revitalize local economies, and support high-skilled employment opportunities. The partners are committed to utilizing the local supply chain and are actively collaborating with shipbuilders and heavy industry companies in Ulsan to help revive Korea’s offshore industries.