lGIG and TotalEnergies have received an EBL for the project of 504-megawatt floating offshore wind power generation in Ulsan. lFirst FOSW project to receive EBL in Korea, if the third phase of the project is completed, the wind farm is expected to be the world’s largest FOSW farm with an installed capacity of 1.5GW.  lBased on the policy of localizing all project phases, GIG and TotalEnergies aim to create about 22,000 jobs in Korea while seeking co-prosperity with Korean companies and revitalization of the local economy in Ulsan.   (July 28, 2021) – Green Investment Group (GIG), a global leading green energy development and investment company, and TotalEnergies, a global energy company, announced on July 28 that they have obtained an electric business license (EBL) that will allow them to establish a floating offshore wind farm with a capacity of 504 megawatts off the coast of Ulsan Metropolitan City.   This is Korea’s first project for a floating offshore wind power station approved by the Electricity Regulatory Commission (ERC) under the Ministry of Trade, Industry and Energy. If the third phase of the project is completed, the wind farm will have a total capacity of 1.5 gigawatts, higher than any other floating offshore wind farms across the world.   The ERC approved the project on July 23 after deliberation and resolution.   The project implemented by GIG and TotalEnergies aims to construct 1.5-gigawatt wind turbines in public waters about 60 kilometers east of Ulsan Port. If completed, the wind farm is expected to produce sufficient electricity to supply to 1.67 million households each year and reduce CO2 emissions by approximately 2.44 million metric tons.   GIG and TotalEnergies plan to establish the wind farm with a total of 1.5 gigawatts in three phases by 2030, starting the construction of the first phase of the project in 2024. The approval was granted to the first phase of the project.   “The award of an EBL is a significant milestone in the development of GIG and TotalEnergies’ Ulsan floating offshore wind farm.” said Shin Jungwon, Co-Representative of GIG and TotalEnergies’ renewables initiative in Korea (Country Chair Korea of TotalEnergies). “We recently completed our wind resource measurement campaign, and having now been awarded exclusive development rights, we’re looking forward to starting detailed environmental impact and engineering assessments.”   In accordance with their policy of localizing all phases of the projects, GIG and TotalEnergies seek to revive the stagnant shipbuilding and offshore plant industry in Korea through active collaboration with shipbuilding and heavy industry companies in Ulsan, create jobs, and finally revitalize Ulsan’s economy. It is expected that a total of 22,000 jobs will be created through the projects.   “With its fantastic infrastructure and offshore experience, Ulsan is the perfect location for floating offshore wind development. That’s why GIG and TotalEnergies are joining hands with Korea’s world-class shipbuilding and offshore industries to deliver this market-leading project. By bringing together specialist local know-how with GIG and TotalEnergies’ global expertise, the Ulsan project will place Korea at the forefront of the global floating offshore wind market,” said Choi Woo-jin, Co-Representative of GIG and TotalEnergies’ renewables initiative in Korea (Managing Director at GIG in Korea). “We will work closely not only with companies in Korea but also colleges here so that this project can serve as an opportunity for Korea to lead the global floating offshore wind power market,” he added.  Photo) GIG and TotalEnergies announced on July 28 that they have obtained an EBL that will allow them to establish a floating offshore wind farm with a capacity of 504 megawatts off the coast of Ulsan Metropolitan City. 

- GIG and TotalEnergies are developing 500MW Offshore wind (“OSW”) project near Maenggoldo island- Executing cooperation agreement to closely engage with stakeholders from the early stage of the project development   (July 15, 2021) – Green Investment Group(GIG), a global leading green energy development and investment company, and TotalEnergies, a broad energy company that produces and markets energies on a global scale, have executed the Cooperation Agreement with the West-Geochado OSW Promotion Committee on July 14 to develop a 500MW OSW project in the southwest sea of the Maenggoldo island, Jindo County, South Jeolla Province.   Maenggoldo Offshore Wind Power Co., Ltd. (a whole owned subsidiary of the GIG and TotalEnergies) announced that they are executing this agreement to fully communicate with the relevant stakeholder, the West-Geochado OSW Promotion Committee from the very beginning stage of the development. GIG and TotalEnergies also executed the Cooperation Agreement with East-Geochado OSW Promotion Committee last month.   GIG and TotalEnergies and the Committee specified detailed methodology to develop offshore wind farm that can co-exist with local society. The agreement says the Committee agrees on the OSW development activities and cooperates necessary supports, and GIG and TotalEnergies shall diligently discuss the community contribution and damage compensation that may be caused by the OSW construction and operation with the Committee.   The chairman of the Committee, Mr. Han Hyun Jae, said, “Through this agreement, we could pursue mutual benefits in developing the OSW project from early stage. We hope that the project would be exemplary for coexistence between residents, fishermen and the developer.”   GIG and TotalEnergies are developing 1GW in Jeonnam region and 1.5GW in Ulsan region, a total of 2.5GW capacity of floating OSW projects. Through the floating OSW project development, GIG-TotalEnergies is planning to promote Korean shipbuilding and marine plant industry, which is experiencing a downturn nowadays, by cooperating with shipyards, heavy industries, and related supply chains. Photo) GIG and TotalEnergies have executed the Cooperation Agreement with the West-Geochado OSW Promotion Committee on July 14. 

- GIG and TotalEnergies are developing 400MW Offshore wind (“OSW”) project near Maenggoldo island- Executing cooperation agreement to closely engage with stakeholders from the early stage of the project development    (June 22, 2021) – GIG, a global leading green energy development and investment company, and TotalEnergies, a broad energy company that produces and markets energies on a global scale, have executed the Cooperation Agreement with the East-Geochado OSW Promotion Committee on June 15 to develop a 400MW OSW project in the southwest sea of the Maenggoldo island, Jindo County, South Jeolla Province.   Maenggoldo Offshore Wind Power Co., Ltd. (whole owned subsidiary of the GIG and TotalEnergies) announced that they are executing this agreement to fully communicate with the relevant stakeholder, the East-Geochado OSW Promotion Committee from the very beginning stage of the development. GIG and TotalEnergies also executed the Cooperation Agreement with the Maenggoldo OSW Promotion Committee last April.   GIG and TotalEnergies and the Committee specified detailed methodology to develop offshore wind farm that can co-exist with local society. The agreement says the Committee agrees on the OSW development activities and cooperates necessary supports, and the GIG and TotalEnergies shall diligently discuss the community contribution and damage compensation that may be caused by the OSW construction and operation with the Committee.   The chairman of the Committee, Mr. Kwang-Won Cho, said “As a result of this Signing Ceremony villagers could better understand the OSW business. And we hope to develop the project in a way that can benefit all the parties including residents, fishermen and the developer.”  GIG and TotalEnergies are developing 800MW in Jeonnam region and 1.5GW in Ulsan region, a total of 2.3GW capacity of floating OSW projects. Through the floating OSW project development, GIG and TotalEnergies are planning to promote Korean shipbuilding and marine plant industry, which is experiencing a downturn nowadays, by cooperating with shipyards, heavy industries, and related supply chains. Photo 1) GIG and TotalEnergies have executed the Cooperation Agreement with the East-Geochado OSW Promotion Committee on June 15.Photo 2) GIG and TotalEnergies have executed the Cooperation Agreement with the East-Geochado OSW Promotion Committee on June 15. 

lGIG and TotalEnergies have offered scholarships to three outstanding students from the Ulsan Institute of Science and Technology. lThe scholarships form part of the Ulsan floating offshore wind farm’s cooperation program with the university.l“We are committed to helping deliver the Korean government’s ‘Green New Deal’, revitalizing local economies and creating jobs,” GIG and TotalEnergies official said. (June 15, 2021) Green Investment Group (GIG), a leading global green energy development and investment company, and TotalEnergies, a broad energy company that produces and markets energies on a global scale, announced on June 15 that they have awarded scholarships to three outstanding students from the Graduate School of Interdisciplinary Management at the Ulsan Institute of Science and Technology (UNIST). The scholarships form part of the Ulsan floating offshore wind farm’s cooperation program with the university. Currently under development by GIG and TotalEnergies, and located around 60 kilometers offshore from Ulsan Port, the Ulsan floating offshore wind farm has a maximum installed capacity of 1.5 GW. The project will be built out in three phases, with the first phase of 500 MW targeted for development completion in 2023. While moving forward with the construction of the wind farms, GIG and Total signed a memorandum of understanding (MoU) with UNIST in January 2021 to design and deliver a training program which would develop local expertise in floating offshore wind and further support job creation in the region. As part of the MOU, GIG and TotalEnergies are delivering a lecture series on floating offshore wind, funding scholarships and supporting internship programs; UNIST is working with the partners to develop the curriculum; and the Ulsan Metropolitan City is providing administrative support. “We’re very grateful to GIG and TotalEnergies for sharing their expertise through our cooperation program. The ability to learn first-hand from two of the industry’s leading players is an invaluable opportunity for the next generation of Korea’s offshore wind industry leaders,” UNIST Vice-President Lee Jae-yong said.  “GIG and TotalEnergies are committed to helping deliver the Korean government’s ‘Green New Deal’, revitalizing local economies and creating jobs. Our goal is for the Ulsan wind farms to support the global transition to net zero, while simultaneously creating opportunities for economic and skills development across the region. We’re delighted to offer these scholarships to three outstanding students and are proud to be playing a small role in their offshore wind journey,” an official at GIG and TotalEnergies said.  Photo 1) GIG and TotalEnergies have awarded scholarship to outstanding students from UNIST as part of the industry-university cooperation program for the Ulsan floating offshore wind farms project.Photo 2) GIG and TotalEnergies have awarded scholarship to outstanding students from UNIST as part of the industry-university cooperation program for the Ulsan floating offshore wind farms project. 

lHave agreed to actively cooperate with each other to construct the Ulsan floating offshore wind farms, together with companies specializing in shipbuilding and offshore plants in Ulsan, Busan, and South Gyeongsang ProvincelCreate an industrial ecosystem for the new growth engine by securing source technologies for the floating offshore wind power farms, which is being promoted for the first time in Korea lEstablish a supply system in Korea for the infrastructure and the supply equipment industry, which are the key to the construction commencement of the offshore wind power farms lDevelop localized technologies in design, manufacturing, transportation, installation, maintenance, and repair fields; and secure infrastructure for more local equipment and experts l“The project for the construction of the Ulsan floating offshore wind farm is the core of Korea’s plan to achieve carbon neutrality by 2050 and Ulsan’s energy transition”   (June 10, 2021) – Green Investment Group (GIG), a global leading green energy development and investment company, and TotalEnergies, a France-based global energy company, issued on June 9 a joint declaration for cooperation with the Ulsan Council for Floating Offshore Wind Power Supply Chain in order to construct Korea's first floating offshore wind farms in the city.   GIG and TotalEnergies announced that the council and the companies, together with other private investment and development companies, adopted the joint declaration for cooperation to ensure that they would actively cooperate with each other in the creation of the offshore wind power farm at the signboard installment ceremony of the council held at the Ulsan Techno Industrial Complex on the same day, attended by Ulsan Metropolitan City Mayor Song Cheol-ho and officials from relevant entities, such as Ulsan Techno Park.   The Ulsan Council for Floating Offshore Wind Power Supply Chain is composed of companies specializing in shipbuilding and offshore plant equipment in Ulsan, Busan, and South Gyeongsang Province. Currently, it is operated with 80 member companies and plans to accept 300 more companies as members by the end of this year.   According to this joint declaration, the council and private investment and development businesses, such as GIG and TotalEnergies, have agreed on securing source technologies for the construction of the floating offshore wind farms in Ulsan, which are being promoted for the first time in Korea, to create an industrial ecosystem for a new growth engine in Ulsan.   In addition, they will work with each other to establish a supply system for the infrastructure and the supply equipment industry in Korea, which are the core of the construction commencement of the Ulsan floating offshore wind power farms, and at the same time, develop localized technologies in fields, such as design, production, transportation, installation, maintenance, and repair of the floating offshore wind farm, and secure the infrastructure for more domestic equipment and local experts.   The joint declaration states that the Ulsan floating offshore wind projects are the key to energy transition in Ulsan, and will serve the purposes for Korea to achieve carbon neutrality by 2050 and install an offshore wind farm with capacity of a total of 12 gigawatts by 2030.   In this regard, "The core policy of the construction project is aimed to revitalize the local economy and create jobs in the region through localization," GIG and TotalEnergies said. "Since floating offshore wind power generation is closely related to the shipbuilding and offshore plant industries, we will establish a supply chain for materials, parts and equipment in Ulsan, Busan and South Gyeongsang Province and promote the floating offshore wind power development projects by utilizing the shipbuilding and offshore plant infrastructure already established in the regions.”   "A number of experts in offshore, wind power, electricity, and finance are required to build and manage a floating offshore wind farm for thirty years," GIG and TotalEnergies added. “It is estimated that a total of 21,837 new jobs will be created by the 1.5-gigawatt offshore wind farms that GIG and TotalEnergies are seeking to build."[1]   GIG and TotalEnergies are constructing a floating offshore wind farm with a capacity of a total of more than 1.5 gigawatts in three phases in the waters 60 kilometers away from Ulsan Port (formerly East Sea Jeong Dumping Area). [1] Source: Socio-economic Impact Study of Offshore Wind (QBIS, 2020. 7.) – An offshore wind farm creates 14,558 jobs per gigawatt Photo 1) GIG and TotalEnergies issued on June 9 a joint declaration for cooperation with the Ulsan Council for Floating Offshore Wind Power Supply Chain in order to construct Korea's first floating offshore wind farms in the city.Photo 2) GIG and TotalEnergies issued on June 9 a joint declaration for cooperation with the Ulsan Council for Floating Offshore Wind Power Supply Chain in order to construct Korea's first floating offshore wind farms in the city.