lGIG and Total have signed a memorandum of understanding with SK E&C in an effort to seek localization during the development of the floating offshore wind projects in Korea with a total of 2.3GW capacity. 

lThe deal is expected to make sure that the project is promoted with SK E&C’s expertise in designing, procuring, and constructing of offshore floaters and to contribute to job creation and the revitalization of the local economy.

lThey plan to continue enhancing cooperation with Korean companies in shipbuilding, heavy industries, and other sectors.

 

(November 18, 2020) Green Investment Group (GIG) and Total have signed a memorandum of understanding (MoU) with SK Engineering & Construction (SK E&C) and agreed to cooperate for the successful development of floating offshore wind projects.

 

GIG, a global leading green energy development and investment company, and Total, a broad energy company, already forged a partnership last July to jointly develop an initial portfolio of floating offshore wind projects in Korea with a total capacity of 2.3GW based on their respective expertise and experience.

 

SK E&C, a subsidiary of SK Group and the first company in Korea that declared its joining of the RE100, is concentrating its competence on renewable energy development such as fuel cells, solar power, and offshore wind, in accordance with the group’s renewable energy policy. Through this agreement in particular, SK E&C plans to participate in the floating offshore wind projects by utilizing its experience in engineering, procuring, and constructing ocean facilities and ports, including marine floaters, both at home and abroad.

 

GIG is a global investor and developer of green infrastructure assets with a mission to grow and spread the green economy worldwide. Having the world’s first Green Investment Bank (GIB), which was established by the British government in 2021, as its predecessor organization, GIG has contributed greatly to the U.K.'s green growth with investments in almost 50% of the country’s total offshore wind construction and operation capacity. GIG also has a global development pipeline of over 25GW, including 4.5GW of offshore wind development capacity across Asia.

 

Total is a broad energy company and one of the world’s five energy majors that produces and sells fuels, natural gas, and electricity. Together with the community, Total is making active investments in its renewable energy portfolio to become one of the leading players in the renewable energy sector and achieve net zero by 2025. The company now aims to generate 35GW of electricity from renewable energy by 2025.

 

Through the floating offshore wind projects in Korea, GIG and Total plan to revive Korea's stagnant shipbuilding and offshore plant industries and contribute to job creation, while closely cooperating with Korean shipyards, heavy industry businesses, and related small and medium-sized enterprises that have a competitive edge globally.

 

SK E&C has been closely engaged in talks with GIG and Total to promote the floating offshore wind projects in Korea. It plans to lay a foundation for shared and sustainable growth by establishing a 'One Team Operation' system that enables the company to work as one team with its domestic partners in all processes from early business development and equity investment, engineering, planning, fabrication, and construction (EPFC) to operation and maintenance (O&M).

 

Meanwhile, GIG and Total have been seeking various ways to enhance mutual cooperation for the successful implementation of the floating offshore wind projects with the Korean government and relevant Korean companies such as Ulsan City and Hyundai Heavy Industries. 

 

Photo) GIG and Total have signed an MoU with SK E&C for floating offshore wind projects. From the second from left: Guillaume Le Maréchal, Deputy Project Director of Total Offshore Wind Korea, Lee Hyung-won, eco-energy division head of SK E&C, and Choi Woo-jin, Managing Director at GIG.