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.