Gray Whale project signs agreement with Ulsan City, South Korea

BadaEnergy, a joint venture between Corio, TotalEnergies and SK ecoplant, has joined other developers in Ulsan City to reaffirm their commitment to creating what will be one of the world’s largest floating offshore wind clusters. 

Hosted by Ulsan Mayor Kim Doo-gyeom, a Letter of Intent signing ceremony was held on 5 November 2024, bringing together key representatives from developers in the region. With this agreement, Ulsan City will cooperate with each developer to facilitate the smooth development of floating offshore wind farms in the region. 

During the ceremony, Mayor Kim highlighted the offshore wind projects’ ongoing contributions to Ulsan’s economy and its alignment with South Korea’s broader carbon neutrality and energy transition goals. 

Woojin Choi, Head of South Korea for Corio Generation, said: “With an anticipated investment of KRW 12 trillion (USD 9 billion), the Gray Whale project aims to deliver a 1.5 GW floating wind power facility, marking a major milestone in Korea’s renewable energy landscape and its path toward a green energy future while creating long-term economic value for Ulsan.” 

Corio Generation is developing 3.2 GW of offshore wind capacity in South Korea through two portfolios: BadaEnergy and Busan.  

The BadaEnergy portfolio aims to develop over 2.6GW of floating and fixed-bottom offshore wind projects, including the 1.5GW Gray Whale floating project off the coast of Ulsan.   

The team has continued to advance the Gray Whale project, achieving significant milestones along the way. These include completing the Environmental Impact Assessment (EIA) consultation in July 2024 and recently signing a Grid Connection Agreement with Korea Electric Power Corporation (KEPCO).  

This agreement secures the connection of the entire 1.5 GW project to the national grid.