Total and Macquarie Partner to Develop 2GW Floating 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 5 large floating offshore wind projects in South Korea with a potential cumulated capacity of more than 2 gigawatts (GW).
Located off the Eastern and Southern coasts of the country (Ulsan and South Jeolla Provinces), the projects have commenced on-site comprehensive wind data collection campaign. The partners aim to launch construction of the first project of around 500 megawatts by end 2023.
With the announcement of the “Green New Deal” plan last July 14th, South Korea has 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. The country has a significant potential for the development of a floating offshore wind segment benefiting from a strong governmental support and a unique set of local competencies amongst which the extensive shipbuilding know-how and the country’s ambitious R&D programs.
“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. “We strongly believe in the potential of floating offshore wind in South Korea, which will play a key role in achieving the country’s renewables objectives. Thanks to its extensive experience in offshore projects, in cooperation with many Korean shipyards, Total is particularly well positioned to contribute to the successful development of this new technology in South Korea together with our partner GIG. We are indeed very keen to expand our long-term cooperation with South Korea, contribute to the diversification of its energy mix and support the emergence of a new industrial sector by maximizing Korean content within the supply chain of these projects”.
Subject to regulatory approvals and satisfaction of other conditions precedent, the partnership will become effective in the autumn of 2020.
Related News.
OL Shipping Group in Tokyo: Capt. Eberhard Koch calls for realistic solutions to Maritime Decarbonisation
An intensive and engaging couple of days in Tokyo brought together leading figures from the international maritime community, providing a valuable…
Regatta for Peace one of the largest ever in Cyprus
Cyprus will host the first European stop on a global sailing journey leading up to the 2027 America’s Cup in Naples. More than 120 sailors…
The propulsion technology powering the marine energy transition
The marine industry is under increasing pressure to future-proof fleets, balancing the need to reduce emissions and improve efficiency. Propulsion…
Signal Ocean acquires Lgmar
Signal Ocean announced the acquisition of Lgmar, the Athens-based company behind Telix, a maritime email and communication platform in daily use…
Canada clean power push challenged by interprovincial grid limits, says GlobalData
Canada is entering a pivotal phase of power-sector expansion as federal tax credits, the phase-out of coal-fired generation, and accelerating…
Maritime safety depends on human factors and leadership, not procedures alone
Interim survey findings point to a gap between seafarers’ perceptions of risk and injury data Seafarers may misjudge when and where they are most at…
New BIMCO contracts tackle ship recycling and energy-saving retrofits
BIMCO adopted two new contractual solutions designed to help you manage important operational and regulatory challenges: the revised…
Stena Line to acquire vessel and make changes to its network
Stena Line has reached an agreement to acquire the RoRo vessel Somerset from CLdN. Subject to closure and transfer, the vessel would begin operating…
DORIC WEEKLY INSIGHT 16 OCTOBER 2026
Please find below the DORIC Market Insight for the week ending 16th October 2026. Weekly Report 16.10.2026
Important information for port clients and freight carriers effective November 1, a new traffic overpass and port checkpoint will open for traffic to the Port of Riga on Kundziņsala
Starting November 1 of this year, a new traffic overpass connecting Tvaika Street to Kundziņsala will open to facilitate traffic to and from the Port…
Subscribe to our newsletter!
if you dont want to swim alone in the ocean of news, sign up for the newsletter, and you will receive daily all the important news of world shipping!
