South Korea: Corio and TotalEnergies welcome SK ecoplant to portfolio
South Korea’s BadaEnergy portfolio includes more than 2 GW of floating and fixed-bottom offshore wind farms
SK ecoplant will partner with Corio Generation and TotalEnergies to jointly develop the portfolio
Portfolio includes the 1.5 GW Gray Whale, expected to become one of the world’s largest floating offshore wind developments
Corio Generation, a Green Investment Group portfolio company, and TotalEnergies will join forces with SK ecoplant to develop the 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 comprises more than 2 GW of floating and fixed-bottom offshore wind farms off the coast of Ulsan and South Jeolla province. This includes the 1.5 GW Gray Whale project, expected to become one of the world’s largest floating offshore wind developments.
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 with SK ecoplant will provide an opportunity to develop the BadaEnergy projects to the highest standards, with a high level of local content. 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.”
Jungwon Shin, Country Chair Korea of TotalEnergies said: “We are delighted to welcome SK ecoplant, a well-known and leading South Korean company, to the BadaEnergy offshore wind power portfolio as a joint developer. Its participation will help to accelerate the development of our projects and to build a strong relationship with the local economy, creating jobs, and building an ecosystem for the South Korean offshore wind power industry and its supply chain. We are very keen to expand our long-term cooperation with South Korea to contribute to the diversification of its energy mix.”
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.”
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. 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.
Pictured: Signing ceremony between BadaEnergy partners, September 2021.
Pictured (left to right):
Woojin Choi, Representative Director, Corio Generation Korea
Jungwon Shin, Country Chair Korea, TotalEnergies
Kyung-il Park, CEO, SK ecoplant
Wangjae Lee, Managing Director, Eco Energy Business Unit, SK ecoplant
Notes to Editors:
About Corio Generation
Corio Generation is a specialist offshore wind business dedicated to harnessing renewable energy worldwide. With a unique blend of sector-leading expertise and deep access to long-term capital, we work closely with our partners in the creation and management of projects from origination, development and construction, and into operations.
Our 20+ GW offshore wind development portfolio is one of the largest in the world, spanning established and emerging markets, as well as floating and traditional fixed-bottom technologies. These next generation offshore wind projects will help form the backbone of the net-zero global energy system while meeting the energy needs of communities and corporate offtakers sustainably, reliably, safely and responsibly.
Corio Generation is a portfolio company of Macquarie Asset Management operating on a standalone basis. For more information visit www.coriogeneration.com
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Its 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
TotalEnergies is already developing a portfolio of offshore wind projects with a total capacity of more than 11 GW, of which 2/3 are bottom-fixed and 1/3 are floating. These projects are located in the United Kingdom (Seagreen project, Outer Dowsing, Erebus, ScotWind), South Korea (Bada project), Taiwan (Yunlin project), France (Eolmed project) and the United States (New York Bight project, North Carolina project). The Company has also been qualified to participate in competitive tenders in the US, UK and France, and will also participate in tenders in Norway and Poland. For more information visit www.totalenergies.com
About SK ecoplant
SK ecoplant is focusing on electricity generation businesses using eco-friendly, renewable energy resources with environmental, social, and governance (ESG) as a new core value for management. It took its first step in the offshore wind power market in 2018 by obtaining an EBL for the offshore wind farm project with a capacity of 136 megawatts on the southeast coast of Ulsan. Focusing on the growth potential of the floating offshore wind power business, the company has been preparing to enter the market in earnest since last year. For more information visit www.skecoplant.com
Media contacts:
BadaEnergy, Korea
PR Firm Platcomm
신혜리 팀장(Hyeri Shin): 010-4820-0109 / hyeri.shin@platcomm.co.kr
지소정 AE (Sojeong Ji): 010-6330-7493 / sj.ji@platcomm.co.kr
최서영 AE (Seoyoung Choi): 010-3941-7924 / sy.choi@platcomm.co.kr
Corio Generation
Will Henley, Head of Communications
Phone: +44 7840 850 183
Email: will.henley@coriogeneration.com
TotalEnergies
Media Relations: +33 1 47 44 46 99 l presse@totalenergies.com
Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com