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AsiaElec RENEWABLES AsiaElec

Total, Macquarie to develop 2GW floating

wind portfolio in South Korea

AUSTRALIA TOTAL and the Macquarie-owned Green The country has a significant potential for
Investment Group (GIG) have concluded a 50:50 the development of a floating offshore wind
partnership to develop a portfolio of five floating segment, benefiting from strong governmental
offshore wind projects in South Korea. support and a unique set of local competencies
The five developments have a potential com- amongst which are the extensive shipbuilding
bined capacity of over 2GW, a major part of know-how and the country’s ambitious R&D
South Korea’s ambitious 12GW offshore capac- programmes.
ity target. “Our entry in the floating offshore wind
Located off the eastern and southern coasts of segment in South Korea is in line with Total’s
the country (Ulsan and South Jeolla Provinces), strategy to profitably develop renewable energy
the projects have commenced on-site compre- worldwide and contribute to our net zero ambi-
hensive wind data collection campaigns. tion.” said Patrick Pouyanné, chairman & CEO
The partners aim to launch construction of of Total.
the first project of around 500MW by the end of “We strongly believe in the potential of float-
2023. ing offshore wind in South Korea, which will play
With the announcement of its Green New a key role in achieving the country’s renewables
Deal plan on July 14, South Korea has re-af- objectives. Thanks to its extensive experience
firmed its strong ambitions to develop renewa- in offshore projects, in co-operation with many
ble energies which shall reach at least 20% of the Korean shipyards, Total is particularly well posi-
power mix by 2030, including 12GW of offshore tioned to contribute to the successful develop-
wind capacities. ment of this new technology in South Korea
The country’s green sector is less developed together with our partner GIG.”
than in comparable OECD economies. Renew- Subject to regulatory approvals and satisfac-
able resources currently contribute a mere 6% of tion of other conditions precedent, the partner-
generating capacity, meaning it now has to catch ship will become effective in the autumn of 2020.
up with neighbouring Japan and Taiwan in the Total, an oil company, wants up to 40% of its
offshore wind market. sales to be low carbon by 2050.
South Korea has about 60 coal-fired power At present, it operates 9GW of low-carbon
plants, generating around 40% of the country’s capacity worldwide, including over 5GW from
electricity. Nuclear makes up about 30% of sup- renewable energies. Total targets 25GW of
ply, followed by gas at around 20% and the rest renewable generation capacity by 2025.™
renewables

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