“Establish a K-floating offshore wind farm model”

 

lGIG and TotalEnergies sign an MoU with the Ulsan Metropolitan City government and the local university, companies, and KWEIA to create a local supply chain and localize equipment for the floating offshore wind project.

 

l“We will localize stages of the floating offshore wind project in Ulsan actively, contributing to job creation and the revitalization of the local economy and helping Ulsan to become a carbon-neutral city,” say GIG and TotalEnergies.

 

(September 7, 2021) Green Investment Group (GIG), a global leading green energy development and investment company, and TotalEnergies, a broad energy company, signed a memorandum of understanding (MOU) with the Ulsan Metropolitan City government and the city’s university, companies, and KWEIA at the Ulsan city hall on September 7 to localize a supply chain and equipment for the floating offshore wind project in Ulsan.

 

The signing ceremony was attended by Ulsan city mayor Song Chul-ho and representatives from institutions and companies in the city, including the Ulsan National Institute of Science and Technology, KWEIA, the Ulsan Council for Floating Offshore Wind Power Supply Chain, Hyundai Heavy Industries, Sejin Heavy Industries, and Shinhan Heavy Industries.

 

The participating companies and institutions pledged to forge an actively cooperative relationship in establishing a supply chain mostly consisting of Ulsan-based companies and localizing equipment while implementing the Ulsan floating offshore wind farm project.

 

Through the MOU, GIG and TotalEnergies will further shape up their existing business plan of localizing stages of the floating offshore wind project in Korea actively. In particular, they plan to help create a new ecosystem for the floating offshore wind industry in Korea through active partnerships with heavy industry-related companies in Ulsan’s shipbuilding and offshore plant sector, which have the world's best technology and experience. They will also contribute to the local economy and job creation by directly hiring people in Korea for the project.

 

“GIG and TotalEnergies recognize that the core value of the floating offshore wind project in Korea lies in revitalizing the local economy through the localization of a supply chain and equipment. We will actively cooperate with relevant companies in Ulsan to ensure that the project will become a model case for offshore wind projects and help the companies to make a strong leap forward into the global market,” said GIG (Korea managing) director Choi Woo-jin, in charge of the GIG and TotalEnergies' floating offshore wind project in Ulsan, at the signing ceremony.

 

Late in July, GIG and TotalEnergies obtained an electric business licence for the first phase of the Ulsan floating offshore wind farm project located 60km off the coast of Ulsan City from Electricity Regulatory Commission under the Ministry of Trade, Industry and Energy. With a maximum installed capacity of 1.5 GW developed across three phases, it’s one of the largest floating offshore wind developments in the world.

 

As the wind power complex is expected to produce enough electricity to power the equivalent of 1.6 million households each year, as well as reduce carbon dioxide emissions by 2.3 million tons annually, it is expected to make a big contribution to Ulsan’s great energy transition and the achievement of the ‘2050 Carbon-Neutral City Ulsan,’ the vision declared by the city earlier this year.

 

Meanwhile, GIG, TotalEnergies, and the Ulsan Council for Floating Offshore Wind Power Supply Chain adopted and announced a joint declaration for a memorandum of understanding with other private investment developers to mutually cooperate in establishing the Ulsan floating offshore wind farm.

 

Photo) GIG and TotalEnergies sign an MoU with the Ulsan Metropolitan City government and the local university, companies, and KWEIA to create a local supply chain and localize equipment for the floating offshore wind project.