Corio Generation and TotalEnergies will join forces with SK Ecoplant to develop the 2GW BadaEnergy offshore wind portfolio in South Korea.
SK Ecoplant will acquire a stake in the portfolio, subject to the completion of government approvals.
The BadaEnergy portfolio consists of at least 2GW of floating and fixed-bottom offshore wind projects off the coast of Ulsan and South Jeolla province.
The portfolio includes the 1.5GW Gray Whale project.
To-date, four of the five wind farm projects in the BadaEnergy portfolio have been granted electric business licenses (EBLs) from the Ministry of Trade, Industry and Energy’s Electricity Regulatory Commission.
Leveraging its offshore engineering, procurement and construction expertise, leading South Korean company SK Ecoplant will join the partners in taking the projects from early planning through licensing and construction to operation.
The partnership will provide an opportunity to develop the BadaEnergy projects to the highest standards, with a high level of local content, the partners said.
In this way, the projects will boost local industry, create jobs in South Korea and contribute to the supply of green electricity at a competitive price.
Woojin Choi, Representative Director of Corio Generation Korea, said: “SK Ecoplant’s broad experience and excellent capabilities in offshore development will serve as a great driving force for constructing offshore wind in South Korea, including one of the world’s largest floating offshore wind developments.
“In order to support the country’s ambition to lead the way in offshore wind, we will have a dedicated focus on the localisation of capital, finance and technology.”
Kyung-il Park, CEO of SK Ecoplant, said: “By jointly developing the offshore wind business with global energy companies, we have laid the foundation to become a major player in the market.
“We have completed the overall value chain of the energy business by achieving rapid growth through intensive investments in the renewable energy sector such as offshore wind, solar, and fuel cells.”
“With exclusive development rights on the vast majority of the portfolio now secured, the partners are progressing the projects up to first commercial operation date (COD) by 2027.”