Total and Macquarie’s Green Investment Group have teamed up to develop five floating offshore wind projects in South Korea with a capacity of up to 2GW.
As part of the 50/50 partnership, the two companies have agreed to develop floating offshore wind projects off the eastern and southern coasts near Ulsan and South Jeolla provinces of the country.
Total chairman and CEO Patrick Pouyanné said: “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.
“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.”
An on-site wind data collection campaign has already begun, and the two companies intend to begin construction of the first 500MW project by the end of 2023.
Last July, South Korea unveiled its ‘Green New Deal’ plan through which it aims to develop renewable energy that reach at least 20% of the power mix by 2030, including 12GW of offshore wind capacities.
The Total/Macquarie partnership will become effective from autumn 2020, subject to regulatory approvals and satisfaction of other conditions precedent.
In June this year, Macquarie-owned Green Investment Group and Enso Energy formed a joint venture to develop a subsidy-free solar and battery portfolio in the UK.
In another development, a consortium consisting of Korea Hydro & Nuclear Power, Alpha Asset Management, Sprott Korea Investment, Hana Financial Investment, Korea Investment & Securities, and a group of Korean infrastructure investors have signed definitive agreements to acquire a 49.9% stake in a portfolio of wind generating assets in the US.
The 852MW wind portfolio includes four operating wind farms. These include the 218MW Bishop Hill wind farm and the 226MW California Ridge wind farm, both located in Illinois.
The remaining two facilities are the 201MW Prairie Breeze wind farm in Nebraska, and the 207MW Rattlesnake wind farm in Texas.
Brookfield Renewable and Invenergy has sold its interests in these projects for an enterprise value of approximately $1.5bn.
The deal, which is subject to satisfaction of customary closing conditions, is expected to close in the fourth quarter of 2020. Brookfield will retain 50.1% equity interest in the portfolio.