TotalEnergies nad Macquarie’s Green Investment Group (GIG) and have recently secured an electricity business license (EBL) for their floating offshore wind project located off the coast of Ulsan, South Korea.
This is the first floating offshore wind project in Korea to be awarded an EBL by the Ministry of Trade, Industry, and Energy’s Electricity Regulatory Commission.
With a maximum installed capacity of 1.5 GW developed across three phases, it’s one of the largest floating offshore wind developments in the world. The EBL grants the partners exclusive development rights to progress the project’s first phase of 504 MW. Detailed environmental impact assessments will now start on phase one, and construction is expected to start in 2024.
Once operational, the full 1.5 GW project is expected to produce enough electricity to power the equivalent of over 1.5 million households and reduce emissions by approximately 2.3 million tCO2e per annum.