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Jay McKinsey

Oil companies investing in floating wind

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French oil major Total and Macquarie’s Green Investment Group (GIG) announced plans on Tuesday to develop a 2.3-gigawatt portfolio of floating offshore wind projects in South Korea.

The pair said they will each take a 50 percent stake in five Korean projects, with an initial 500-megawatt phase to begin construction as soon as 2023. That ambitious timeline makes the projects frontrunners to be the first industrial-scale floating offshore wind farm anywhere in the world.

The global pipeline of floating wind demonstration and pilot projects has grown in recent years, with interest especially strong among oil companies. In 2022, Equinor’s Hywind Tampen demonstration project will likely become the world’s largest at 88-megawatts.

The first 500-megawatt project of Total and GIG's portfolio will begin construction in 2023.

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