Attendance at Jeonnam Sinan 'World's Largest Offshore Wind Farm 48 Trillion Investment Agreement Ceremony, The Wind Blows' Event
[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in visited the site of the world's largest offshore wind farm project worth 48 trillion won as the tenth field visit of the 'Korean New Deal.'
On the afternoon of the 5th, President Moon attended the 'World's Largest Offshore Wind Farm 48 Trillion Investment Agreement Ceremony, The Wind Blows' held at Imja Bridge in Sinan-gun, Jeollanam-do, encouraging representatives of labor, management, civil society, and government from the Jeonnam region and other investment agreement participants.
The Blue House explained, "President Moon's attendance at the investment agreement ceremony corresponds to the tenth field visit of the 'Visiting Korean New Deal Sites' initiative, which began in June last year, and it holds the significance of being the first step in the 'Regional Balanced New Deal Tour.'"
In his congratulatory speech, President Moon expressed expectations that by creating the world's largest single-scale offshore wind power complex and successfully carrying out the project, South Korea could leap into the world's top five offshore wind power countries by 2030.
President Moon emphasized the importance of shifting the main energy supply source to renewable energy in promoting 'carbon neutrality' across all sectors of industry, economy, and society.
The southwestern region of Jeonnam, including Sinan, possesses excellent offshore wind potential. Through the creation of the world's largest offshore wind farm, this project aims to lead the 'Regional Balanced New Deal' and 'Green New Deal,' which are major pillars of the Korean New Deal.
The event also included a presentation of the offshore wind private investment plans by Hanwha Construction and Doosan Heavy Industries & Construction.
The Sinan offshore wind project is a venture involving private power companies such as Korea Electric Power Corporation (KEPCO), SK E&S, Hanwha Construction, offshore wind manufacturers including Doosan Heavy Industries & Construction, CS Wind, Samkang M&T, and local residents to establish the world's largest offshore wind farm with a capacity of 8.2GW. The 8.2GW capacity is equivalent to about eight 1GW-class nuclear power plants and is more than seven times the size of last year's world's largest offshore wind farm, the UK's Hornsea (1.12GW).
The Blue House stated, "With a large-scale investment of approximately 48.5 trillion won by 2030, it will be possible to develop Mokpo New Port's support pier and hinterland into a logistics hub for offshore wind power, contributing to the cultivation of the offshore wind-related industrial ecosystem emphasized in the offshore wind power development plan announced in July last year." Of the 48.5 trillion won, private investment accounts for about 47.6 trillion won, and government investment about 0.9 trillion won.
The Blue House added, "This project is a core business of the Jeonnam Regional Balanced New Deal, and by promoting the offshore wind power project with significant economic ripple effects, it is expected to strengthen national industrial competitiveness and provide a new turning point for economic revitalization in the Jeonnam region." It also explained, "The 48.5 trillion won investment plan is a large-scale investment close to one-third of the 160 trillion won Korean New Deal investment plan announced by the government last year."
Meanwhile, the Jeonnam-type job win-win agreement is the first win-win job agreement to be signed this year. It is a win-win model where labor, management, civil society, and government in the region voluntarily agree to create quality local jobs and local residents directly participate in development projects to share profits.
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