TotalEnergies and GIG obtain rights for South Korea’s first floating wind farm

TotalEnergies and Macquarie’s Green Investment Group (GIG) have obtained an electric business license (EBL) for their 1.5 GW floating offshore wind project off the coast of Ulsan, South Korea.

It is the first floating offshore wind project in the country to be awarded an EBL by the Ministry of Trade, Industry and Energy’s Electricity Regulatory Commission. The EBL grants the partners exclusive development rights to progress the project’s first phase of 504 MW.

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. Detailed environmental impact assessments will now commence on phase one, and construction is expected to start in 2024.

Once operational, the full project is expected to produce enough electricity to power the equivalent of over 1.5m households.