Macquarie Group has signed a memorandum of understanding with local partner Gyeongbuk Floating Offshore Wind to develop a 1GW floating offshore wind project some 50 kilometres off the coast of Pohang/Ulsan in South Korea, a Macquarie spokeswoman confirmed.

The Korean project would build up on Macquarie’s recent success in an offshore wind tenders in Taiwan, where the financial group was successful with a 378MW project together with local developer Swancor, and owns half of a consortium developing the 128MW Formosa 1 pilot array that is slated to go online next year.