Korea Midland Power has invested €890m to acquire a stake in the 390MW Sinan Ui offshore wind project off the south of Uido in Sinan County, South Jeolla Province.
The company acquired 96.1 million new shares as part of the scheme, which has a total projected cost of about €1.9bn and aims to start commercial operation in February 2029.
The project (illustrated) has completed financing and is preparing to start offshore construction in April, and will have the capacity to supply power to about 290,000 households, according to the company.
It has also been selected as the first investment project for the National Growth Fund in recognition of its public value.
Strategic investors include Korea Midland Power, Hanwha Ocean, SK E&S and Hyundai Engineering & Construction.
Korea Midland Power plans to lead stable operations by providing offshore wind operation and auxiliary equipment management services once the project is completed.
The latest investment follows the completion of the 100MW Hallim offshore wind farm last year and strengthens the company’s position as a leading renewable energy developer.
The move also supports its medium and long-term targets of achieving 60% carbon-free energy generation and a 70% greenhouse gas reduction by 2040.
“This project is meaningful as it is the first offshore wind project in Korea to operate 15MW-class large wind turbines,” said Lee Young-jo, president of Korea Midland Power.
“As the project is being pursued using domestic financing and EPC, we will do our best as a public corporation to contribute to revitalising the domestic wind power industry ecosystem,” Lee added.