Corio Generation, a Green Investment Group (GIG) portfolio company, and France’s TotalEnergies have partnered with the South Korean energy company SK Ecoplant to develop three offshore wind projects totalling 2.6 GW in South Korea.
SK Ecoplant will join the partners in taking the projects from early planning through licensing and construction to operation, as well as acquire a stake in the portfolio, subject to the completion of government approvals.
The 2.6 GW BadaEnergy portfolio comprises the 1.5 GW Gray Whale, the 600 MW Maenggoldo and the 500 MW Geomundo offshore wind farms. The Gray Whale farm is divided into three 500 MW phases. The projects are located off the coast of the Ulsan and Jeollan-do provinces (southern South Korea).
Four of the five wind farm phases in the BadaEnergy project have already been granted electric business licenses (EBLs) from the Korean Ministry of Trade, Industry and Energy's Electricity Regulatory Commission. With most of the EBLs secured, the partners are expecting the first commercial operation date of the project by 2027.
South Korea targets a 20% share of renewable energies in the power mix by 2030, including 12 GW of offshore wind capacities.
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