French energy giant Total has entered a partnership with Macquarie’s Green Investment Group (GIG) to develop a portfolio of five large floating offshore wind projects in South Korea with a potential cumulated capacity of more than 2 GW. Entering the South Korean offshore market aligns with the company’s low carbon strategy.
The partners aim to launch a total of five projects, with construction of the first project of around 500 megawatts by end 2023.
Located off the Eastern and Southern coasts of the country -in Ulsan and South Jeolla Provinces-, the projects have commenced on-site comprehensive wind data collection campaign.
Our entry in the floating offshore wind segment in South Korea is in line with Total’s strategy to profitably develop renewable energy worldwide and contribute to our net zero ambition,
…said Patrick Pouyanné, Chairman & CEO of Total.
This follows the announcement of South Korea’s ‘Green New Deal’ plan in July, when the country re-affirmed its strong ambitions to develop renewable energies which shall reach at least 20% of the power mix by 2030, including 12 GW of offshore wind capacities.
On its part, Total integrates climate change into its strategy by building a portfolio of activities in low-carbon electricity that could account for up to 40% of its sales by 2050. Today, Total’s gross low-carbon power generation capacity worldwide is currently close to 9 gigawatts, including over 5 gigawatts from renewable energies.
Total targets 25 GW of a renewable generation capacity in 2025 and will continue to expand its business to become a leading international player in renewable energies.
Subject to regulatory approvals, the partnership will become effective in the autumn of 2020.
