Total and Macquarie Partner to Develop 2GW Floating Offshore Wind Portfolio in South Korea
September 01 2020 - 2:38AM
Dow Jones News
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
14(th) , 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.
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S E directly or indirectly owns investments are separate
legal entities. TOTAL S E has no liability for their acts or
omissions. In this document, the terms "Total", "Total Group" and
Group are sometimes used for convenience. Likewise, the words "we",
"us" and "our" may also be used to refer to subsidiaries in general
or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S E nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
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CONTACT:
Total
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
SOURCE: TOTAL
Copyright Business Wire 2020
(END) Dow Jones Newswires
September 01, 2020 02:23 ET (06:23 GMT)
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