Korea Midland Power Co. (KOMIPO) on the 11th invested 96.1 billion won in the Shinan-Ui offshore wind project to newly acquire 96.1 million shares.
The Shinan-Ui offshore wind farm is a 390-megawatt (MW) power complex being built in the waters south of Uido, Shinan County, South Jeolla Province, with a target of beginning commercial operation in Feb. 2029. The total project cost is about 3.4 trillion won, funding has been secured, and offshore construction is set to begin in Apr. It will be able to supply power to about 290,000 households, based on a family of four, when completed. Recognized for its public interest, the project was selected as the first investment under the Public Growth Fund.
In addition to Korea Midland Power Co. (KOMIPO), Hanwha Ocean, SK eternix, and Hyundai Engineering & Construction are participating as strategic investors. Korea Midland Power Co. (KOMIPO) will handle support services for offshore wind operations and auxiliary facility management after the complex is completed and plans to lead the project's stable operation.
With this investment, Korea Midland Power Co. (KOMIPO) has strengthened its position as a leading renewable energy developer, following last year's completion of the Hallim offshore wind farm (100 MW). Korea Midland Power Co. (KOMIPO) also plans to accelerate the achievement of its mid- to long-term goals of a 60% share of carbon-free power generation and a 70% reduction in greenhouse gases by 2040.
Lee Young-jo, president of Korea Midland Power Co. (KOMIPO), said, "This project is significant in that it is the first offshore wind project in the country to operate 15 MW-class large wind turbines," and added, "Because it is being pursued using domestic finance and engineering, procurement and construction (EPC), we will do our best as a public corporation to help invigorate the domestic wind power industry ecosystem."