Pacifico Energy Korea, a renewable energy corporations headquartered in the United States, announced on the 12th that it signed a memorandum of understanding (MOU) for mutual cooperation with Hana Bank and Hana Securities to raise funds needed for the development, construction and operation of the 3.2-gigawatt (GW) Jindo offshore wind farm and to develop a co-prosperity financing model for offshore wind.
Under the MOU, Pacifico Energy Korea, Hana Bank and Hana Securities will jointly seek financial solutions and funding plans for the Jindo offshore wind farm that Pacifico Energy Korea is developing. The three companies will cooperate across various financial fields, including project financing (PF), financial advisory and investment attraction, while also working together to develop a co-prosperity financing model to invigorate Korea's offshore wind industry and supply chain and to foster the industrial ecosystem. They also plan to contribute to revitalizing the local economy and creating jobs in Jindo County and South Jeolla Province, where the cluster is located.
This MOU is significant as a strategic partnership built for financial cooperation on a large-scale offshore wind project between a leading domestic financial institution and a U.S.-based offshore wind developer. As uncertainty in global supply chains and financial markets has grown recently, building a stable and competitive financing system is being evaluated as a key factor for the success of large-scale offshore wind projects.
Choi Seung-ho, CEO of Pacifico Energy Korea, said, "For the success of a GW-scale large offshore wind project, not only a competitive supply chain but also a stable and professional financial partnership is essential," adding, "This cooperation between Pacifico Energy Korea and Hana Bank and Hana Securities is the first case in which a domestic financial institution and a U.S.-based offshore wind developer are together laying the foundation for the growth of Korea's offshore wind industry."
Choi went on to say, "Pacifico Energy Korea's project financing strategy prioritizes participation by domestic capital throughout the entire funding process, which encourages broad participation by domestic financial institutions and corporations across the offshore wind value chain and enables the domestic recirculation of financial revenue through offshore wind," adding, "We plan to continue contributing so that Korea can grow into a hub for offshore wind supply chains and finance in the Asia-Pacific region by working closely with domestic financial institutions and corporations."