- GIG and Total are developing a 500MW floating offshore wind project near Geomundo in South Jeolla Province. 

- GIG and Total executed the agreement to thoroughly engage with the stakeholders from the early stage of the project development.

- GIG and Total plan to discuss with Geomundo Villagers Committee regarding the compensation for the fisheries, after obtaining the electricity business license (EBL).

 

(April 30, 2021) – Green Investment Group (GIG) and Total signed a cooperative agreement with Geomundo Villagers Committee (“Committee”) on April 28 to develop a 500MW floating offshore wind project near Geomundo Island off the coast of Samsan-myeon in Yeosu City, South Jeolla Province.

 

GIG, a global leading green energy development and investment company, and Total, a broad energy company, are developing a 500MW floating offshore wind project off the coast of Geomundo Island, Yeosu.

 

GIG and Total said it executed the agreement to thoroughly engage with the Committee, which was one of the stakeholders, from the early stage of the project development. The Committee consists of six village heads representing six villages in the island (about 860 households) and one chairperson of the regional development committee of Samsan-myeon.

 

The agreement signed by the two and resident delegates included details of cooperation to promote the floating offshore wind project in a way co-prospering with the local community. The companies and the Committee reconfirmed commitments that the residents of Geomundo will be in favor of the offshore wind development project and provide necessary cooperation, and GIG and Total will have sincere discussions with the Committee on the compensation measures, including the one for the fisheries, that are related to the project development such as the installation of wind power generators after obtaining the electricity business license (EBL).

 

Kim Bo-hwan, Director of Geomundo Villagers Committee, said “We are expecting to promote the offshore wind project where local residents, fishermen, and the developer can harmoniously co-prosper through transparent and continuous communication and cooperation.” “We also plan to discuss the general measures to revitalize the local economy, such as creating additional income for the residents by establishing a travel route during the development, which connects Geomundo, the wind farm, and Baekdo Island,” he added.

 

GIG and Total are promoting floating offshore wind projects with a total installed capacity of 2.5GW, 1.0 GW of which in South Jeolla Province and 1.5GW in Ulsan. Through its floating offshore wind projects in Korea, GIG and Total plan to revitalize the stagnant shipbuilding and offshore plant industry of the country and contribute to job creation by closely cooperating with shipbuilding and heavy industry companies that possess world-class competitiveness in their fields.

 

Photo 1) GIG and Total signed a cooperative agreement with Geomundo Villagers Committee to develop a 500MW floating offshore wind project near Geomundo Island in Yeosu, South Jeolla Province.

Photo 2) GIG and Total signed a cooperative agreement with Geomundo Villagers Committee to develop a 500MW floating offshore wind project near Geomundo Island in Yeosu, South Jeolla Province.