G8 and Holim Tech Korea Enters Agreement to Jointly Develop 1.5GW Offshore Wind Project
G8 and Holim Tech Korea Enters Agreement to Jointly Develop 1.5GW Offshore Wind Project with Next Generation Energy Storage in South Korea
Singapore–January 4, 2022 The management of G8 and Holim Tech have entered into an agreement to develop 1.5GW of offshore wind in South Korea to power 500,000 homes and businesses with renewable energy. The overall power plant will be paired with the next generation ultra long life Lithium Ion energy storage system to provide stable and high quality power management to the grid.
G8 management and key members of Holim Tech inspected the construction site and coastal facilities for the deployment of wind turbines in November 2021, followed by the official signing ceremony of the 1.5GW project on 24 December 2021.
The wind power plant will feature an advance energy storage system (ESS) with next generation ultra stable lithium ion batteries from G8’s technology partner 3DOM to ensure optimum stabilization and energy management to the grid. It is also planned that the high voltage subsea power cables shall be installed with G8’s precision cable lay and protection technologies to ensure the maximum long term security of the power connection to the grid. The facilities and offshore turbine structures specified shall utilize global leading standards while supporting the local construction and marine industries.
“We are pleased to initiate the commercial execution of this significant project after detailed evaluation and planning, with local authority permission to proceed. The construction and operations of our turbine plant here will also contribute to future job creation.” Pascal Cheon, G8 Korea’s COO commented.
“We are absolutely delighted to work with G8 Korea and its Singapore HQ for this development, bringing the much needed marine construction expertise and technical resources to our area of development to ensure sustainable economic developments to our coastal township.” Park Geon-Jeong, Vice President of Holim Tech Group commented.
“This marks G8’s continuation of windfarm projects in South Korea after Gochang Phase1 of 60MW in 2017. Energy storage will be an important element to propel large scale renewables forward. This project will be an important step for both G8 and the South Korean Wind Power industry, as it will be one of the largest offshore wind farm projects in Asia to utilize our next generation energy storage technologies, offering our commercial and utility clients a complete and long-lasting energy storage solution. We are very pleased to continue our journey with Holim towards our joint commitment to accelerate renewable energy across the region.” Gerald Tan, Managing Director of G8 Group commented.
South Korea’s Green New Deal, a development strategy to speed up the post-pandemic recovery and empower its net-zero transition, has pledged to invest US$63 billion to streamline the country’s transition into renewable energy and develop accompanying clean technologies. South Korea intends to increase the power mix from renewables from 6.4% to 20% by 2030.
Picture on left: Official Project Development Contract signing ceremony between G8 & Holim Group held on Dec 24th 2021
Picture on Right: G8 Managing Director and COO with Holim Group Management inaugurating the warehouse facility for wind turbine assembly in South Korea.
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