Total to develop offshore wind portfolio in South Korea

Total and Macquarie’s Green Investment Group (GIG) have concluded a 50:50 partnership to develop a portfolio of five large floating offshore wind projects in South Korea with a potential cumulated capacity of more than 2 GW. Located off the eastern and southern coasts of the country, in Ulsan and South Jeolla provinces, the projects have commenced an onsite comprehensive wind data collection campaign. The partners aim to launch construction of the first project of around 500 MW by the end of 2023.

With the announcement of its new Green New Deal plan in July, South Korea has re-affirmed its strong ambitions to develop renewable energies that will account for at least 20% of the country’s power mix by 2030, including 12 GW of offshore wind capacities.

‘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,’ says Patrick Pouyanné, Chairman and CEO of Total.

Total has integrated climate change into its strategy and is building a portfolio of activities in low carbon electricity that could account for up to 40% of its sales by 2050. It reports that its gross low carbon power generation capacity worldwide is currently close to 9 GW, including over 5 GW from renewable energies. The company is targeting 25 GW of a renewable generation capacity in 2025 and plans to continue to expand its business to become a leading international player in renewable energies.