, Korea

Macquarie eyes 1 GW floating offshore wind project in South Korea

The development supports South Korea’s bid for Asia’s offshore wind market.

Macquarie Group has signed a memorandum of understanding with local partner Gyeongbuk Floating Offshore Wind to develop a 1GW floating offshore wind project in South Korea, a Macquarie spokeswoman confirmed.

The planned development is in line with industry expectations of South Korea and Japan emerging as the next big thing in Asian offshore markets scene after China and Japan.

Macquarie’s MOU comes on the heels of an earlier 378MW project with local developer Swancor as well as half of a consortium presently developing the 128MW Formosa 1 pilot array that is scheduled to go online by 2019.

Earlier this year, Swedish floating wind power pioneer Hexicon closed a deal with local service provider Coens Co. forming a joint venture that would develop offshore wind farms in Southeast Asia.

The move comes as the South Korean Ministry of Trade, Industry and Energy earlier raised incentives for offshore wind park operators and slashed subsidies on biomass producers. Under the new regulation, subsidies on solid recovered fuel (produced by shredding and dehydrating biodegradable waste) will be reduced since this energy source is considered less environmentally friendly than solar and wind power.

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

India’s Rajasthan and Gujarat need policy reforms to fuel RE transition
Some steps they could take are implementing green tariffs and setting infrastructure funds.
Global clean energy tech market to hit $2t by 2035
This is fuelled by investments as countries aim to enhance energy security.The global clean energy technology market is projected to grow from $700b in 2023 to over $2t by 2035, nearing the scale of the crude oil market, according to the International Energy Agency (IEA).This growth is fuelled by significant investments in clean technology manufacturing as countries aim to enhance energy security, maintain economic competitiveness, and cut emissions. Investment is concentrated in regions with established positions in clean energy, particularly China, the European Union, the UK, and increasingly, India.Whilst the US, EU, and India have taken measures to support their clean energy sectors, China is expected to remain the world's manufacturing hub. By 2035, China's clean technology exports are forecasted to exceed $340b—comparable to projected oil export revenues from Saudi Arabia and the UAE.Southeast Asia, Latin America, and Africa contribute less than 5% of global cleantech production value, yet the IEA suggests that these areas still hold opportunities within the clean energy economy. Developing economies, for instance, could leverage competitive advantages to advance in the value chain beyond resource extraction.The IEA said Southeast Asia could become one of the most cost-effective regions for producing polysilicon and wafers for solar panels over the next decade.

Exclusives

Coal-dependent ASEAN told to scale up RE generation
A regional power grid could help governments in their renewable energy transition.
Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.
Indonesia to add 90 MW geothermal capacity
Three power plants in West and East Java and North Sumatra will start operating this year.