BID, Initiates Approval Process for Largest Single-Scale Wind Power Complex in Korea

[Asia Economy Reporter Hyunseok Yoo] VIDIA announced on the 27th that the Gampo Wind Power Project, the largest onshore wind power project in Korea with a capacity of 92MW (Phase 1: 60MW, Phase 2: 32MW), is moving forward with the development permit application process after resolving local residents' complaints that lasted over two years.

The Gampo Wind Power Project has adopted a resident cooperative model in which more than 80% of local residents participate, and it is highly regarded for significantly contributing to regional development. With the recent resolution of the biggest obstacle?the residents' complaints?VIDIA's wind power project is expected to gain further momentum.

VIDIA plans to complete the development permit application for the Gampo Wind Power Project by February. The review by Gyeongju City is scheduled for the first half of the year, and detailed preparations for passing the review are also underway.

Once the review process is completed, the project financing (PF) related to the Gampo Wind Power Project is expected to be finalized in the second half of this year, followed by the start of construction.

A VIDIA official stated, "We have amicably resolved one of the most challenging issues in conducting wind power projects?the residents' complaints." He added, "Recently, Gyeongsangbuk-do was selected for the energy industry convergence complex designation project led by the Ministry of Trade, Industry and Energy, and in particular, Gyeongju City announced plans to establish a wind power expansion zone, which will accelerate the Gampo Wind Power Project."

He continued, "The Gampo Wind Power Project is the largest single-scale onshore wind power complex in Korea. VIDIA not only generates revenue through EPC (Engineering, Procurement, and Construction) execution but also holds a certain equity stake in the SPC, enabling stable revenue generation for 20 years through the sale of electricity and Renewable Energy Certificates (REC)."