- 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.