lGIG signed an MoU with Ulsan Metropolitan City and the British Embassy Seoul to revitalize the local economy and create quality jobs through the Ulsan floating offshore wind project.

lGIG works with TotalEnergies, a global multi-energy company, to promote 1.5-gigawatt floating offshore wind farm projects off the coast of Ulsan, and under this agreement, plans to accelerate the localization of the project.

lHead of GIG Korea Joanne Rhee says, “Through cooperation, we will actively support Ulsan so that the city, which is based on the traditional manufacturing industry, can transform itself into a clean energy hub by introducing wind power that is considered one of the next-generation energy sources.

 

(March 7, 2022) Green Investment Group (GIG), a global leading green energy development and investment company, signed a memorandum of understanding (MoU) on March 4 with Ulsan Metropolitan City Government and the British Embassy Seoul to promote interactive cooperation in the offshore wind project in Ulsan.

 

The signing ceremony held at Ulsan City Hall was attended by Head of GIG Korea Joanne Rhee, Ulsan Metropolitan City Mayor Song Cheol-ho, and British Ambassador to Korea Colin Crooks LVO. They agreed to actively establish a mutual cooperative relationship to successfully carry out the Ulsan floating offshore wind project after obtaining the electricity business license (EBL), and consequently, to revitalize the local economy and create quality jobs in the city.

 

Under this agreement, GIG will prioritize the revitalization of the local economy and job creation in the development process of not only Ulsan floating offshore wind project but also offshore wind and renewable energy projects to be it conducted in Korea. Ulsan Metropolitan City will actively provide administrative support to ensure that GIG can push forward the projects in cooperation with Korean companies.

 

In accordance with its policy of localizing all stages of offshore wind projects in Korea, GIG aims to revive the stagnant shipbuilding and offshore plant industries through active collaboration with shipbuilding and heavy industry-related companies in Ulsan and to revitalize the local economy in Ulsan by creating jobs.

 

In addition, with this agreement as an opportunity, GIG plans to further accelerate the localization of its project. In September last year, GIG and TotalEnergies, a global multi-energy company that jointly develops the Ulsan floating offshore wind project, concluded an MoU with Ulsan Metropolitan City Government, universities and companies in the city, and the Korea Wind Energy Industry Association to localize the supply chain and equipment for the floating offshore wind project. In December of last year, GIG and TotalEnergies also signed an MoU with the Ulsan Chamber of Commerce and Industry and developers of the Ulsan floating offshore wind farm for mutual cooperation in and growth of the Ulsan floating offshore wind project. They are members of the Ulsan Floating Offshore Wind Power Committee.

 

Currently, GIG and TotalEnergies are promoting 1.5-gigawatt floating offshore wind projects (project name: Gray Whale Offshore Wind Farm I, II, III) in public waters 60 kilometers east of Ulsan Port. They obtained the EBLs for Grey Whale II and III last year and for Grey Whale I in late February this year from the Electricity Regulatory Commission under the Ministry of Trade, Industry and Energy.

 

“Our 1.5-gigawatt offshore wind power development project in Ulsan with TotalEnergies is going to take the first step in earnest as we have acquired the EBL for the project,” says Head of GIG Korea Joanne Rhee at the signing ceremony. “GIG’s development principle is the co-prosperity with the local economy and communities through localization of its projects, and we will actively support Ulsan with our partner TotalEnergies so that the city, which is based on the traditional manufacturing industry, can transform itself into a clean energy hub by introducing wind power that is considered one of the next-generation energy sources.”

 

“Wind power is one of the main resources of renewable electricity in the U.K., and GIG has played a pivotal role in related businesses,” Colin Crooks, British Ambassador to Korea, also says. “We will spare no effort to support the Ulsan offshore wind project that GIG is promoting so that it will become a major renewable energy project in Ulsan.”

 

Photo 1) GIG signed an MoU with Ulsan Metropolitan City and the British Embassy Seoul to promote interactive cooperation in the offshore wind project in Ulsan.

Photo 2) GIG signed an MoU with Ulsan Metropolitan City and the British Embassy Seoul to promote interactive cooperation in the offshore wind project in Ulsan.