Green Investment launches Ulsan offshore wind project by completing installation of Korea’s first floating LiDAR

·       Green Investment installs Korea’s first floating LiDAR system.

·       The LiDAR will collect wind resource data and its installation marks a critical step in the development of GIG’s first offshore wind project in South Korea, located off the coast of Ulsan City.

·       The project will contribute to the local economic development of Ulsan and support the South Korean Government’s – ‘Renewable Energy 3020 Implementation Plan’

Macquarie’s Green Investment announced that it has completed the installation of Korea’s first floating LiDAR. The installation of the LiDAR is one of the first critical steps in the development of GIG’s first Korean offshore wind farm located about 60 kilometers east of Seosang-myon, Ulju-gun, Ulsan City.

GIG is a major global green energy investor and developer, dedicated to accelerating the growth of the global green economy. With over 350 green energy specialists working across the globe GIG is home to one of the world’s largest teams of specialist green investors.

GIG is a investor in offshore wind having provided capital to 15 offshore wind projects totaling over 4.5 GW of capacity across the globe, including 50% of the UK’s operational offshore wind capacity and Taiwan’s first commercial-scale offshore wind farm. This deep experience provides GIG with a unique insight and perspective on wind farm development, construction, operations and maintenance.

The Ulsan project is a 1.4 GW offshore wind project, which is being progressed in three separate phases. Development of the first 400 MW phase is targeted for completion in 2022.

The LiDAR is a wind resource assessment device which will collect data on the site of the wind farm to help determine its suitability for development. It will collect critical data relating to wind speed and direction which will support GIG in designing the project and evaluating its influence on the environment, ecosystem and fishing industry. The LiDAR assessment period will last approximately two years, during which time detailed project plans will continue to be developed in collaboration with stakeholders and related organisations.

While floating LiDAR systems are commonly used across Europe and other advanced offshore wind markets this is first time it has been used in Korea for a commercial offshore wind farm.

GIG is committed to maximising the local economic impact of the development and is actively seeking the participation of local companies and academics. Korea Maritime University, Zen Limited and Vision Plus are currently working with the project, managing the design and stability testing of berthing facilities, installation and operations.

GIG has also recently signed a Memorandum of Understanding (MOU) with Energy Infra Asset Management, a KRW2 trillion Korean renewable energy fund manager. Through the MoU, the partners will work together to successfully deliver the Ulsan offshore wind project and support the South Korean Government’s Renewable Energy 3020 Implementation Plan. The 3020 plan aims to produce 20% of South Korea’s energy from renewable sources by 2030 and support the growth of its clean energy industry.