- Green Investment Group (GIG) 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 Group (GIG) announced today 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 leading 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.
Woojin Choi, Associate Director leading the Ulsan development said:
I’m delighted to launch Korea’s first ever floating LiDAR system - a significant milestone in the development of our project and Korea’s burgeoning offshore wind market. With its access to steel, ships, offshore plant expertise and port logistics, Ulsan city is perfectly positioned to deliver a fantastic offshore wind farm.
GIG is a leading global expert in offshore wind having supported over 4.5 GW of offshore wind capacity since 2013. Our ambition is for the Ulsan project to contribute to local economic development, revitalise local industries, create jobs and support the South Korean Government’s Renewable 3020 plan.”
Tel: +44 7920 212813
About Green Investment Group and Macquarie Group
Green Investment Group Limited (GIG) is a specialist in green infrastructure principal investment, project delivery and the management of portfolio assets, and related services. Its track record, expertise and capability make it a global leader in green investment, dedicated to supporting the growth of the global green economy.
The business was launched initially by the UK Government in 2012 as the first institution of its type in the world. The organization was acquired by Macquarie Group in 2017, creating one of Europe’s largest teams of dedicated green infrastructure investors, and now operates under the name Green Investment Group.
Macquarie Group Limited (Macquarie) is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 14,469 people in over 25 countries. At 31 March
2018, Macquarie had assets under management of £309.9 billion. For further information, visit www.macquarie.com.