Total and Macquarie to develop South Korea wind projects

FILE PHOTO: The logo of French oil and gas company Total is seen in a petrol station in Paris, France February 6, 2020. REUTERS/Gonzalo Fuentes/File Photo

PARIS/LONDON (Reuters) - French energy group Total TOTF.PA and Macquarie's MQG.AX Green Investment Group have concluded a partnership to develop five large floating offshore wind projects in South Korea, the firms said on Tuesday.

Oil companies like Total have been ramping up investment in renewable projects in a bid to reduce their reliance on fossil fuels and increase their exposure to low-carbon investments.

The wind projects have a potential joint capacity of around 2.3 gigawatts (GW), and Total and Macquarie aim to launch construction of the first project of around 500 megawatts by the end of 2023.

“Our entry in the floating offshore wind segment in South Korea is in line with Total’s strategy to profitably develop renewable energy worldwide and contribute to our net zero ambition,” Chairman and CEO Patrick Pouyanné said.

Total currently has around 5 GW of renewable power capacity and is aiming for 25 GW by 2025.

South Korea wants to build more renewable power plants and reduce its reliance on coal as part of efforts to reach net zero emissions by 2050.

Reporting By Susanna Twidale in London and Sudip Kar-Gupta in Paris; editing by Kim Coghill and Jason Neely