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 Province

lCreate 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).