First Offshore Wind Farm License Awarded by South Korea

Macquarie’s Green Investment Group (GIG) and TotalEnergies were awarded the first floating offshore wind farm license in South Korea. The project will be built near Ulsan, South Korea and is expected to be one of the world’s largest floating offshore wind developments with a maximum installed capacity of 1.5 GW. 

In return for providing project financing, the partners have been granted exclusive development rights, allowing them to make progress on the project’s first phase, which will be 504 MW. Environmental impact assessments for phase one will begin in the near future, and construction on the project is expected to begin in 2024. 

The South Korean Green New Deal plan includes building 8 GW of wind-generated power to go carbon neutral by the year 2050. 

Once completed, the full 1.5 GW of electricity will be able to power the equivalent of 1.5 million households, reduce emissions by approximately 2.3 million tons of carbon dioxide equivalent per year, and supply savings to society of approximately $4.9 million annually.