Attended 48.5 Trillion KRW Investment Agreement Ceremony for Jeonnam Sinan Offshore Wind Power Complex... Aiming to Become a Top 5 Offshore Wind Power Nation by 2030
[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in said on the 5th, "An investment agreement for the construction of the world's largest offshore wind farm in Sinan, Jeollanam-do, and a Jeonnam-type job coexistence agreement will be signed together," adding, "I am very pleased to deliver this welcome news to the people weary from COVID-19."
On the afternoon of the same day, 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 as well as investment agreement stakeholders. This was President Moon's tenth on-site visit for the 'Korean New Deal' and the first for the 'Regional Balanced New Deal Tour.'
President Moon said, "The offshore wind farm to be built off the coast of Sinan is seven times larger than the currently existing world's largest offshore wind farm. The 8.2 gigawatts of electricity produced here corresponds to the output of six new Korean-style nuclear power plants, an enormous amount that can supply all households in Seoul and Incheon."
He added, "The economic effect is also enormous. By 2030, investments of 48.5 trillion won will be made, and 120,000 jobs will be created. Mokpo will become the logistics hub for offshore wind power, and large-scale offshore wind equipment manufacturing complexes will be established in Yeongam and Sinan," evaluating that "as a leading project of the 'Regional Balanced New Deal,' it marks a vigorous step toward regional economic recovery and the leap forward of the Korean economy."
President Moon said, "Offshore wind power worldwide is growing by nearly 30% annually. Surrounded by the sea on three sides, we have infinite potential for offshore wind power, and we possess world-class technology in related fields such as marine plants and steel, so our competitiveness is not lacking," pledging, "The government will spare no support under the goal of becoming one of the top five offshore wind power countries by 2030."
Meanwhile, the Sinan offshore wind power project is a business to create the world's largest offshore wind farm with a capacity of 8.2 gigawatts, involving private power companies such as KEPCO, SK E&S, Hanwha Construction, offshore wind power manufacturers including Doosan Heavy Industries & Construction, CS Wind, Samkang M&T, and local residents. The 8.2 gigawatts corresponds to about eight 1-gigawatt-class nuclear power plants and is more than seven times the size of the world's largest offshore wind farm last year, the UK's Horn Sea (1.12 gigawatts).
The Blue House explained, "If a large-scale investment of about 48.5 trillion won is made by 2030, it will be possible to develop the new port support pier and its hinterland in Mokpo as a logistics hub for offshore wind power, contributing to fostering the offshore wind power-related industrial ecosystem emphasized in the offshore wind power development plan announced last July." Of the 48.5 trillion won, about 47.6 trillion won is private investment, and about 0.9 trillion won is government investment.
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