Hanwha Ocean has broken ground on the Shinan-Ui offshore wind farm project. The Shinan-Ui offshore wind farm project is a key initiative to build competitiveness in Korea's offshore wind supply chain and drive the national energy transition and carbon neutrality.

Hanwha Ocean said on the 16th that it held a groundbreaking ceremony for the Shinan-Ui offshore wind farm project in Sinan County, South Jeolla. Construction will proceed with the goal of completion in 2029.

At the groundbreaking ceremony for the Shinan-Ui offshore wind farm project held in Shinan County, Jeollanam-do, on the 16th, attendees include (from the fourth from left) Lee Young-jo, President of Korea Midland Power (KOMIPO), Lee Jae-gak, Jindo County Governor, Min Hyung-bae, Jeonnam-Gwangju Integrated Metropolitan Mayor, Kim Sung-hwan, Minister of the Ministry of Climate, Energy and Environment, Jeong In-sub, President of Hanwha Ocean, and Kim Tae-sung, Shinan County Governor. Representatives from the Financial Services Commission, financial institutions, and shareholder companies also attend to wish for the project's successful progress. /Courtesy of Hanwha Ocean

The Shinan-Ui offshore wind farm project is a 390 MW offshore wind complex to be built in the waters near Uidori, Docho-myeon, Sinan County, South Jeolla. It is an energy transition project pursued in line with the government's policies to expand renewable energy and foster the offshore wind industry, and it has been selected as the first investment project of the Public Growth Fund and the first investment project of the Future Energy Fund.

Major equipment, excluding the turbines, will be procured mainly through the domestic supply chain. Project financing (PF) based purely on domestic capital has also been completed. Hanwha Ocean said it expects this to contribute to stable power supply for local industrial complexes, revitalization of the regional economy, job creation, the formation of a domestic offshore wind industry ecosystem, and stronger industrial competitiveness.

Hanwha Ocean will lead the entire project as the developer overseeing overall business development such as project sourcing, permits, and investment attraction, and as the EPC (engineering, procurement and construction) prime contractor that performs design, procurement, and construction on a turnkey basis. Hanwha Ocean plans to deploy to the Shinan-Ui offshore wind farm project a next-generation wind turbine installation vessel, currently under construction with an investment of 800 billion won.

Korea Midland Power Co. (KOMIPO) and Hyundai Engineering & Construction are also participating in the project. Korea Midland Power Co. (KOMIPO) will operate the wind farm and supply power for 25 years after completion. Hyundai Engineering & Construction will carry out EPC work together with Hanwha Ocean.

Hanwha Ocean said, "The Shinan-Ui offshore wind farm project is an important initiative to enhance the competitiveness of Korea's offshore wind industry based on domestic technology and supply chains," adding, "We will contribute to building the domestic offshore wind industry ecosystem and the energy transition, and seek new growth opportunities in the global offshore wind market."

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