GIG, TotalEnergies to progress 504 MW of S Korean floating wind after EBL award

Green Investment Group Ltd (GIG) and France’s TotalEnergies SE (EPA:TTE) have secured an electricity business license (EBL) for the 504-MW first phase of their floating wind project offshore Ulsan, South Korea.

The project has a total capacity of 1.5 GW and is being developed in three phases.

GIG, which is part of Australian investment bank Macquarie Group Ltd (ASX:MQG), said last week this is the first EBL awarded to a floating offshore wind project by the Ministry of Trade, Industry and Energy’s Electricity Regulatory Commission. It gives the partners exclusive development rights to progress the 504-MW first phase. They will now start detailed environmental impact assessments, with construction expected to begin in 2024.

In May, South Korea announced plans for the construction of a 6-GW floating offshore wind complex off the coast of Ulsan City by 2030.

GIG Korea managing director Woojin Choi said that with its infrastructure and offshore experience, Ulsan is an ideal location for floating offshore wind and added that the Ulsan project will place Korea at the forefront of the global floating offshore wind market.

GIG and TotalEnergies recently submitted a bid into Scotland’s ScotWind offshore wind leasing round and earlier this year secured seabed rights for the 1.5-GW Outer Dowsing Offshore Wind project off the east coast of England.

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