]]]]]]>]]]]>]]> Total and Macquarie aim to develop the largest floating wind projects to date. Credit: Matt Artz on Unsplash. <\/p>\n
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Total and Macquaries Green Investment Group have teamed up to develop five floating offshore wind projects in South Korea with a capacity of up to 2GW.<\/p>\n
As part of the 50\/50 partnership, the two companies have agreed to develop floating offshore wind projects off the eastern and southern coasts near Ulsan and South Jeolla provinces of the country.<\/p>\n
Total chairman and CEO Patrick Pouyann said: Our entry in the floating offshore wind segment in South Korea is in line with Totals strategy to profitably develop renewable energy worldwide and contribute to our net-zero ambition.<\/p>\n
We strongly believe in the potential of floating offshore wind in South Korea, which will play a key role in achieving the countrys renewables objectives. <\/p>\n
An on-site wind data collection campaign has already begun, and the two companies intend to begin construction of the first 500MW project by the end of 2023.<\/p>\n
Last July, South Korea unveiled its Green New Deal plan through which it aims to develop renewable energy that reach at least 20% of the power mix by 2030, including 12GW of offshore wind capacities.<\/p>\n
The Total\/Macquarie partnership will become effective from autumn 2020, subject to regulatory approvals and satisfaction of other conditions precedent. <\/p>\n
In June this year, Macquarie-owned Green Investment Group and Enso Energy formed a joint venture to develop a subsidy-free solar and battery portfolio in the UK.<\/p>\n
In another development, a consortium consisting of Korea Hydro & Nuclear Power, Alpha Asset Management, Sprott Korea Investment, Hana Financial Investment, Korea Investment & Securities, and a group of Korean infrastructure investors have signed definitive agreements to acquire a 49.9% stake in a portfolio of wind generating assets in the US.<\/p>\n
The 852MW wind portfolio includes four operating wind farms. These include the 218MW Bishop Hill wind farm and the 226MW California Ridge wind farm, both located in Illinois.<\/p>\n
The remaining two facilities are the 201MW Prairie Breeze wind farm in Nebraska, and the 207MW Rattlesnake wind farm in Texas.<\/p>\n
Brookfield Renewable and Invenergy has sold its interests in these projects for an enterprise value of approximately $1.5bn.<\/p>\n
The deal, which is subject to satisfaction of customary closing conditions, is expected to close in the fourth quarter of 2020. Brookfield will retain 50.1% equity interest in the portfolio. <\/p>\n
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Total and Macquarie to build 2GW floating offshore wind farm portfolio - Power Technology<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" ]]]]]]> ]]]]> ]]> Total and Macquarie aim to develop the largest floating wind projects to date. Credit: Matt Artz on Unsplash. Sign up here for GlobalData's free bi-weekly Covid-19 report on the latest information your industry needs to know. Continue reading