GIG Launches 1.4GW Offshore Wind Project in South Korea

Macquarie’s Green Investment Group (GIG) has completed the installation of South Korea’s first floating LiDAR, marking the launch of the 1.4GW Ulsan offshore wind project.

Located about 60 kilometers east of Seosang-myon, Ulju-gun, Ulsan City, the Ulsan project is being progressed in three separate phases. Development of the first 400MW phase is targeted for completion in 2022.

The FLiDAR will collect data relating to wind speed and direction which will support GIG in designing the project and evaluating its influence on the environment, the ecosystem, and the fishing industry. The LiDAR assessment period will last for approximately two years, during which time project plans will continue to be developed in collaboration with stakeholders and related organisations, GIG said.

GIG is actively seeking the participation of local companies and academics in the project. Korea Maritime University, Zen Limited and Vision Plus are currently working with the project, managing the design and stability testing of berthing facilities, installation, and operations.

GIG has also recently signed a Memorandum of Understanding (MOU) with Energy Infra Asset Management, a KRW 2 trillion Korean renewable energy fund manager. Through the MoU, the partners will work together to deliver the Ulsan offshore wind project and support the South Korean government’s Renewable Energy 3020 Implementation Plan. The 3020 plan aims to produce 20% of South Korea’s energy from renewable sources by 2030 and support the growth of its clean energy industry.

”With its access to steel, ships, offshore plant expertise and port logistics, Ulsan city is perfectly positioned to deliver a fantastic offshore wind farm,” Woojin Choi, Associate Director leading the Ulsan development, said.

”GIG is a leading global expert in offshore wind having supported over 4.5 GW of offshore wind capacity since 2013. Our ambition is for the Ulsan project to contribute to local economic development, revitalise local industries, create jobs and support the South Korean Government’s Renewable 3020 plan.”