Macquarie Group is teaming up with South Korean company Gyeongbuk Floating Offshore Wind Power to jointly develop a 1GW floating wind project off the coast of the Asian country.

The partners have signed a memorandum of understanding to work on a project 50km off the coast of Pohang and Ulsan in South Korea.

No timeline was given for development of the project.

The partners also did not provide any details of the turbine size or other project components at this time.