South Korea Offshore Wind: GIG and TotalEnergies Obtain EBL for Korea’s First Floating Offshore Wind Farm in Ulsan

• GIG and TotalEnergies have received an EBL for the project of 504-megawatt floating offshore wind power generation in Ulsan

• First FOSW project to receive EBL in Korea, the wind farm is expected to be the world’s largest FOSW farm with an installed capacity of 1.5GW at the completion of its third phase

• Based on the policy of localizing all project phases, GIG and TotalEnergies aim to create about 22,000 jobs in Korea while seeking co-prosperity with Korean companies and revitalization of the local economy in Ulsan

Green Investment Group (GIG) and TotalEnergies obtain an electric business license (EBL) for 504 megawatts of floating offshore wind off the coast of Ulsan Metropolitan City. This is Korea’s first floating offshore wind power station approved by the Electricity Regulatory Commission (ERC) under the Ministry of Trade, Industry and Energy and a major milestone in the development of the 1.5GW floating offshore wind project.

GIG and TotalEnergies plan to establish the wind farm with a total of 1.5 gigawatts in three phases by 2030, starting the construction of the first phase of the project in 2024. The approval was granted to the first phase of the project. The wind farm is expected to be the world’s largest FOSW farm with an installed capacity of 1.5GW at the completion of its third phase. It is expected to produce sufficient electricity to supply to 1.67 million households each year and reduce CO2 emissions by approximately 2.44 million metric tons.

"The award of an EBL is a significant milestone in the development of GIG and TotalEnergies’ Ulsan floating offshore wind farm." said Shin Jungwon, Co-representative for GIG and TotalEnergies’ projects in Korea (Country Chair Korea of TotalEnergies). "We recently completed our wind resource measurement campaign, and having now been awarded exclusive development rights, we’re looking forward to starting detailed environmental impact and engineering assessments.”

In accordance with their policy of localizing all phases of the projects, GIG and TotalEnergies mobilize the shipbuilding and offshore plant industry in Korea through active collaboration with shipbuilding and heavy industry companies in Ulsan, creating jobs, and finally revitalizing Ulsan’s economy. A total of 22,000 jobs will be created throughout the lifecycle of the project.

“Ulsan has the most suitable environment and infrastructure for the development of floating offshore wind power. In order to successfully implement the Ulsan floating offshore wind farm project, GIG and TotalEnergies plan to join hands with Korea’s world-class supply chain participants of the shipbuilding and offshore plant industry,” said Choi Woo-jin, Co-representative for the GIG and TotalEnergies’ projects in Korea (Managing Director at GIG in Korea). “We will work closely not only with companies in Korea but also colleges here so that this project can serve as an opportunity for Korea to lead the global floating offshore wind power market,” he added.