Total and Macquarie Partner to Develop 2GW Floating Offshore Wind Portfolio in South Korea
September 01 2020 - 2:08AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) 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.
Total and Low-Carbon Electricity
Total integrates climate change into its strategy and stays
ahead of new energy market trends by building a portfolio of
activities in low-carbon electricity that could account for up to
40% of its sales by 2050. Today, Total's gross low-carbon power
generation capacity worldwide is currently close to 9 gigawatts,
including over 5 gigawatts from renewable energies. Total targets
25 GW of a renewable generation capacity in 2025 and will continue
to expand its business to become a leading international player in
renewable energies.
About Total
Total is a broad energy company that produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is more affordable, more reliable,
cleaner and accessible to as many people as possible. Active in
more than 130 countries, our ambition is to become the responsible
energy major.
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