[Asia Economy Reporter Yoo Hyun-seok] VIDIA announced on the 19th that it has signed a business agreement with Windway, a specialized wind power company, for onshore and offshore wind power projects.
VIDIA plans to make a full-scale entry into the offshore wind power business starting with this agreement. It will participate as a strategic investor in the offshore wind power project SPC consortium, handling not only equity investment but also construction and maintenance tasks.
VIDIA will participate in the power generation projects promoted by Windway. Windway is currently advancing the 210MW “Badawa Future Wind Power Complex Project” in Nanjido, Dangjin City, and the 126.1MW wind power project in Samsan, Jangheung.
The Badawa Future Wind Power Complex Project in Nanjido, Dangjin City, is a project with a total cost of approximately 780 billion KRW, conducted offshore northwest of Daenanjido. It received power generation project approval from the Ministry of Trade, Industry and Energy in November last year and is awaiting environmental impact assessment and development permit procedures. Construction is scheduled to begin in 2022, with commercial operation expected to start in January 2025.
The Jangheung Samsan Wind Power Project, with a total cost of 550 billion KRW, is planned to be established offshore around the Samsan embankment in Jangheung-gun, Jeollanam-do. Recently, wind resource measurement and resident consent for power generation project approval were completed, and permits are being processed. Construction is scheduled for the second half of 2022, aiming for commercial operation in December 2025.
A VIDIA official said, “Looking at the government’s Green New Deal policy, the goal is to nearly double the scale of offshore wind power generation to 24.9GW by 2034,” adding, “This means increasing the share of renewable energy centered on offshore wind power rather than solar power generation.”
He continued, “Considering Korea’s regional characteristics, with a relatively small land area surrounded by sea on three sides, offshore wind power is more competitive than solar power,” and explained, “VIDIA’s management is focusing on promoting renewable energy projects centered on offshore wind power.”
VIDIA is currently promoting renewable energy power generation projects totaling 187MW, including a 132MW onshore wind power project, a 42MW solar power project, and a 13MW fuel cell project. In line with the government’s Renewable Energy 3020 policy and Green New Deal policy, the company aims to build a diverse renewable energy project portfolio including onshore and offshore wind power, solar power, and fuel cells, to become the top renewable energy operator in Korea.
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