The portfolio consists of five projects – three in Ulsan totaling 1.5 GW and two in South Jeolla Province totaling 800 MW.
Subject to the completion of regulatory approvals and satisfaction of other conditions precedent, the partners aim to start co-development activities in the autumn of 2020.
The partners aim to launch construction of the first 500-MW phase of the Ulsan project by the end of 2023.
GIG has already started a wind data collection campaign to support the portfolio.
The South Korean government’s Renewable Energy 3020 Implementation Plan targets 12 GW of offshore wind capacity by 2030.
The partnership will also focus on maximizing Korean content within the supply chain, in line with the government’s plan, which targets the creation of 1.9 million new jobs through green energy and other new technologies.
GIG has signed an MoU with Ulsan City and 18 organizations including local manufacturers HESI and Unison, Korea East-West Power, KEPCO-ENC, and a number of R&D organizations including Ulsan Techno Park and Ulsan University. The MoU commits the parties to cooperation on activities that will promote floating offshore wind in Ulsan, develop local technologies and create new jobs.