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<p><a href="https://www.total.com/" target="_blank" rel="noopener noreferrer">Total</a>, a France-based oil and gas company, announced that it had joined hands with Macquarie&#8217;s <a href="https://www.greeninvestmentgroup.com/" target="_blank" rel="noopener noreferrer">Green Investment Group</a> to develop over 2 GW of floating offshore wind projects in South Korea.</p>
<p>According to the press release, both companies entered into a 50:50 partnership to develop five floating offshore wind projects on the eastern and southern coasts of the country. An on-site wind data collection campaign has . Both companies are expected to start the construction of the first project with a total capacity of around 500 MW by the end of 2023.</p>
<p>&#8220;Our entry in the floating offshore wind segment in South Korea is in line with Total&#8217;s strategy to profitably develop renewable energy worldwide and contribute to our net-zero ambition,&#8221; said Patrick Pouyanné, Chairman &amp; Chief Executive Officer of Total.</p>
<p>&#8220;We strongly believe in the potential of floating offshore wind in South Korea, which will play a key role in achieving the country&#8217;s renewables objectives,&#8221; he added.</p>
<p>In July 2020, South Korea announced its &#8216;Green New Deal&#8217; plan to expand its renewable energy portfolio to contribute to 20% of the country&#8217;s overall power mix by 2030. South Korea also plans to increase the total capacity of its offshore wind project<em>s by</em> 12 GW by 2030.</p>
<p>According to Total, the company has approximately 9 GW of low-carbon electricity portfolio with renewable energy making up to 5 GW. It also aims to achieve 25 GW of renewable energy generation capacity in 2025. The company is expected to expand its low-carbon power generating activities, which could account for up to 40% of the total sales by 2050.</p>
<p>Mercom earlier <a href="https://mercomindia.com/south-korea-floating-solar-project/" target="_blank" rel="noopener noreferrer">reported</a> that South Korea&#8217;s Ministry of Trade, Industry, and Energy had announced the development of a 2.1 GW floating solar power project. The massive project will be installed atop the Saemangeum Seawall Dyke, the longest human-made dyke, situated on the southwest coast of the Korean Peninsula.</p>
<p>Asia&#8217;s fourth-largest economy <a href="https://mercomindia.com/south-korea-35-renewable-capacity-2040/" target="_blank" rel="noopener noreferrer">aims</a> for 35% renewable energy generation capacity by 2040. Last year, Mercom reported that the Ministry of Environment in South Korea issued guidelines for solar installations.</p>
<p>South Korea had earlier <a href="https://mercomindia.com/south-korea-to-build-4-gw-solar-wind-complex/" target="_blank" rel="noopener noreferrer">announced</a> that it would build a 4 GW solar and wind energy complex on the Saemangeum reclaimed land area in Gunsan. The hybrid complex will be located along the west coast of South Korea&#8217;s Jeollabuk-do Province.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Total and Macquarie to Develop Over 2 GW of Floating Offshore Wind Projects in South Korea

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