GIG and TotalEnergies Sign a MoU with Ulsan Chamber of Commerce and Industries to Promote Mutual Cooperation and Growth for Ulsan FOSW Project

 

lUnder the MoU, GIG and TotalEnergies will be a participant in the ‘Ulsan Floating Offshore Wind Developers Committee’; the Committee to be consisting of the Ulsan Chamber of Commerce and Industries, and the five Ulsan floating offshore wind developers

lShin Jungwon, Country Chair of TotalEnergies Korea, said: “Ulsan city has a tremendous potential with infrastructure and resources suitable for the floating offshore wind farm development such as unique set of local competencies, extensive shipbuilding know-how …We will work together with partners to make Ulsan grow as one of the prominent regions in the global FOSW markets.”

 

(December 9, 2021, South Korea) Green Investment Group (GIG), a global leading green energy development and investment company, and TotalEnergies, a global multi-energy company, signed a memorandum of understanding (MoU) on the 8th with the Ulsan Chamber of Commerce and Industries (UCCI) and the Ulsan floating offshore wind developers to promote mutual cooperation and growth for FOSW projects in Ulsan, and agreed to participate as a member of the ‘Ulsan Floating Offshore Wind Developers Committee.’

 

The newly organized Ulsan Floating Offshore Wind Developers Committee (the “Committee”) will be consisting of the Ulsan Chamber of Commerce and Industries (UCCI) and the five private developers - Gray Whale Offshore Wind Power (a joint company from GIG and TotalEnergies), Korea Floating Wind Power, Haewoori Offshore Wind, Firefly Floating Offshore Wind, and Munmubaram.

 

The signing ceremony was attended by Ulsan City Mayor Song Cheol-ho, Chairperson of UCCI Lee Yun-cheol, and the representatives from the five private developers. Through the agreement, the parties have pledged to actively forge cooperative relationship - UCCI plans to support the Committee’s activities, and the private developers will seek ways to foster a supply chain for the floating offshore wind project in Ulsan.

 

The 1.5GW-sized Ulsan floating offshore wind farm projects (project name: Gray Whale Offshore Wind Power I, II, III), now being developed by GIG and TotalEnergies, are located in public waters about 60km east from Ulsan Port. Once the projects are completed by its third phase, they are expected to make a big contribution to the achievement of ‘2050 Carbon-Neutral City Ulsan,’ the ‘vision of great energy transition’ declared by the city earlier this year. The projects are forecast to produce enough electricity to power the equivalent of 1.6 million households each year as well as to reduce carbon dioxide emissions by 2.3 million tons annually.

 

Especially with Gray Whale Offshore Wind Power project having obtained the first EBL for the floating offshore wind project from the Electricity Regulatory Commission at the Ministry of Trade, Industry and Energy (MOTIE) last July, followed by Gray Whale 3’s recent EBL obtainment, GIG and TotalEnergies plan to give traction to their projects by actively cooperating with Ulsan’s initiative, to revitalize the regional economy through the localization of supply chain and equipment for the Ulsan FOSW projects. Also, the companies aim to create a new ecosystem for the floating offshore wind industry in Korea by constantly expanding partnerships with heavy industry-related companies in Ulsan’s shipbuilding and offshore plant sector, which have the world’s best technology and experience, and to contribute to the revitalization of local economy and job creation by directly hiring people in Korea for the project.

 

As part of this plan, GIG and TotalEnergies had signed a memorandum of understanding(MoU) with UNIST in January 2021 to design and deliver a training program which would develop local expertise in floating offshore wind and further support job creation in the region. The lecture series on the floating offshore wind, scholarships and internship programs had been developed together with UNIST. In addition to that, GIG and TotalEnergies also had signed a memorandum of understanding(MoU) for local supply chain and equipment development for the FOSW projects in Ulsan last September with the Ulsan metropolitan city government, the city's regional universities and companies, and the Korea Wind Energy Industry Association (KWEIA).

 

“As installation and transport take up large portion of the floating offshore wind farm, Ulsan city has a tremendous potential with infrastructure and resources suitable for the floating offshore wind farm development such as unique set of local competencies, extensive shipbuilding know-how,” said Shin Jungwon, Country Chair of TotalEnergies Korea, at the signing ceremony of MOU with UCCI. “TotalEnergies has built a long-established relationship with Korean Shipyard with most of TotalEnergies’ offshore platforms and carriers built at the shipyards in Geoje and Ulsan. Leveraging its experience and strong partnership with Korea’s heavy industry, we will work together with partners to support the local supply chain and to make Ulsan grow as one of the prominent regions in the global FOSW markets.” 

Photo 1) GIG and TotalEnergies signed a memorandum of understanding (MoU) on the 8th with the Ulsan Chamber of Commerce and Industries (UCCI) and the Ulsan floating offshore wind developers.

Photo 2) GIG and TotalEnergies signed a memorandum of understanding (MoU) on the 8th with the Ulsan Chamber of Commerce and Industries (UCCI) and the Ulsan floating offshore wind developers.