South Korean officials celebrated the closure of the financing arrangement for the 390MW Shinan-Ui offshore wind project off the coast of Jeollanam Province.
The array (illustrated) is the first large-scale offshore wind power generation project in Korea to be pursued with purely domestic capital, and it is hoped it will serve as a foundation for the growth of the offshore wind industry ecosystem in the future, South Korea’s Financial Services Commission said in a release.
Construction is currently underway, and the array is scheduled for completion and operation in 2029.
The €1.9bn project is backed by South Korea’s National Growth Fund (Advanced Technology Fund) and the Future Energy Fund.
Kwon Dae-young, Vice Chairman of the Financial Services Commission, said in remarks at a ceremony marking the closure that the current war in the Middle East has underscored the importance of renewable energy for security and growth.
“The success of this transition will be a key factor in determining national competitiveness, along with the nurturing of advanced strategic industries,” he said according to a translation.
Park Sang-jin, Chairman of Korea Development Bank, said in his remarks: “The Shinan-Ui offshore wind power project will serve as a powerful catalyst to awaken the potential of the domestic industrial ecosystem and lead to the revitalization of the regional economy and balanced national development.”
“KDB will continue to do its utmost to support national strategic industries and revitalise the regional economy,” he added, according to a translation.