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South Korea to Build the World's Largest Floating Offshore Wind Power Project
2020-09-07
Recently, it was reported that oil and gas giants Total and Maghrey Green Investment Group will establish a joint venture company with a 50 to 50 equity ratio to develop five floating offshore wind farms in the waters near Ulsan and Jeollanamdo provinces in eastern and southern South Korea, with a total installed capacity of 2GW. This will be the world's largest floating offshore wind power project under planning.
Both parties mentioned in the cooperation statement that the construction of the first floating wind farm with a capacity of 500MW will begin before the end of 2023. But there was no mention of the specific investment amount or the type of floating technology used.
It is reported that this is the largest offshore wind power investment project announced to the public by Total, an oil and gas company, and also the first offshore wind power investment project in the Asian region, demonstrating the great interest of European companies in investing in fixed and floating offshore wind power fields.
In addition, Macquarie Green Investment Group has long been a frequent participant in the Asian offshore wind power investment community, and they are particularly active in the Taiwan market. If progress goes smoothly, the project is also expected to become one of the earliest developed floating wind farms in Asia.
Regarding this, Gunnar Herzig, the Managing Director of WFO, believes that the project first demonstrates that oil and gas companies are becoming important participants in the offshore wind power industry; Secondly, it also means that Asian offshore wind power has entered the fast lane; Finally, as more and more commercial scale floating wind power projects are put on the agenda, floating offshore wind will achieve significant breakthroughs.
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