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November 26, 2021

Ulsan Offshore Wind Project_GIG, South Korea

By Carmen

Ulsan Offshore Wind Project_GIG is a 1,500MW offshore wind power project. It is planned in Sea of Japan, Ulsan, South Korea. The project is currently in announced stage. It will be developed in multiple phases. The project construction is likely to commence in 2023 and is expected to enter into commercial operation in 2025.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Project Type Total Capacity (MW) Active Capacity (MW) Pipeline Capacity (MW) Project Status Project Location Project Developer
Offshore 1,500 1,500 Announced Ulsan, South Korea SK Engineering & Construction; TotalEnergies

Description

The project is being developed by SK Engineering & Construction and TotalEnergies. The project is co-owned by Green Investment Group and TotalEnergies, with their respective ownership stake of 50% each. The turbines will be mounted on a floating type foundation.

Ulsan Offshore Wind Project_GIG (Ulsan Offshore Wind Project Phase I) consists of 50 turbines.

Development Status

The project construction is expected to commence from 2023. Subsequent to that it will enter into commercial operation by 2025.

About SK Engineering & Construction

SK Engineering & Construction Co Ltd (SK E&C), a subsidiary of SK Holdings Co Ltd, is a general construction contracting company. SK E&C offers engineering, procurement and construction (EPC) services in the areas of housing, petrochemical, infrastructure, industrial, and technology sectors. The company executes the construction of residential buildings, intelligent buildings, cultural facilities, hostels, sports complexes and other construction and engineering-related projects. SK E&C also provides project development, financing, engineering, procurement, and operation and maintenance related services. It provides petrochemical, oil refining, and gas plant construction services, and industrial plant and engineering services. SK E&C has operations in Asia, Europe, the Middle East and the Americas. The company is headquartered in Seoul, South Korea.

About TotalEnergies

TotalEnergies SE (Total), formerly Total SE, is an integrated global energy company that discovers, produces, refines and markets oil and gas, and also manufactures petrochemicals. It carries out drilling, oil and gas production, processing, transportation, refining and petrochemical production, storage and distribution of petroleum products and specialty chemicals. It conducts power generation and gas trading and operates in the renewable energy sector. Total supplies feedstock to refineries, charters ships and undertakes trading on various derivative markets. The company serves consumers in transportation, automotive, aerospace, energy, housing and manufacturing industries. It has operations in Asia-Pacific, Africa, Europe and Commonwealth of Independent States, the Middle East, and North and Central America. Total is headquartered in Courbevoie, France.

Methodology

All power projects included in this report are drawn from GlobalData’s Power Intelligence Center. The information regarding the project parameters is sourced through secondary information sources such as electric utilities, equipment manufacturers, developers, project proponent’s – news, deals and financial reporting, regulatory body, associations, government planning reports and publications. Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector.

Related Companies

Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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