Singapore-based renewable energy developer G8 and Korean industrial business group Holim Tech have signed an agreement to develop a 1.5GW offshore wind project in South Korea.

The proposed offshore wind farm is expected to meet the power consumption needs of 500,000 homes and businesses.

According to G8, the project will be paired with a lithium-ion energy storage system to deliver stable and high quality power management to the electricity grid.

G8 group managing director Gerald Tan said: “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 utilise our next generation energy storage technologies, offering our commercial and utility clients a complete and long-lasting energy storage solution.”

G8 said that the advance energy storage system (ESS) to be featured in the offshore wind farm will have next generation ultra stable lithium ion batteries that will be supplied by its technology partner 3DOM.

Furthermore, high voltage subsea power cables are planned to be installed by using G8’s cable lay and protection technologies. These are expected to help in sustaining the long term security of the power connection to the grid.

G8 also stated that the specified facilities and offshore turbine structures will use global standards while supporting the construction and marine sectors in South Korea.

Holim Tech group vice president Park Geon-Jeong said: “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.”

Under its Green New Deal, South Korea has committed to invest $63bn to streamline its move to renewable energy and build accompanying clean technologies.

The Asian country plans to boost the power mix from renewables from 6.4% to 20% by the end of this decade.

In late 2021, Shell Overseas Investments had set up a joint venture with CoensHexicon to develop and operate a 1.4GW floating offshore wind farm in South Korea.