Korea Technology Signs Business Agreement for 500 Billion KRW Ariul Offshore Wind Power Complex

[Asia Economy Reporter Jang Hyowon] Korea Technology has signed a business agreement for the 100MW-class Ariul Offshore Wind Power project, with a total project cost of approximately 500 billion KRW, together with its subsidiary Daewoo Shipbuilding & Marine Engineering Construction.

From the left, Shin Yong-gu, CEO of Korea Technology; Park Sang-hee, CEO of Zeta E&D; Kim Dong-gyu, Head of New Energy Business Division at Korea Electric Power Technology; Jang Tae-il, CEO of LT Sambo; and Kim Young-gu, Executive Director of Daewoo Shipbuilding & Marine Engineering Construction, are taking a commemorative photo for the EPC business agreement for the Ariul Offshore Wind Power Complex project. / Photo by Korea Technology

KOSDAQ-listed Korea Technology (CEO Shin Yonggu) and its subsidiary Daewoo Shipbuilding & Marine Engineering Construction (Chairman Kim Yongbin) announced on the 27th that they signed a business agreement to form the EPC (Engineering, Procurement, and Construction) for the ‘Ariul Offshore Wind Power Complex,’ a large-scale project worth about 500 billion KRW near the Saemangeum offshore wind power complex.

The Ariul Offshore Wind Power project is led by Zeta IND Co., Ltd. as the project owner, with Daewoo Shipbuilding & Marine Engineering Construction, Korea Technology, LT Sambo, and Korea Electric Power Technology forming a consortium to carry out the EPC.

This construction project is a large-scale complex development worth approximately 500 billion KRW to establish an offshore wind power generation complex around Saemangeum in Gimje-si, Jeonbuk Province, covering a construction area of 0.409㎢, combining Zone 1 (0.142㎢) and Zone 2 (0.267㎢).

The project capacity totals 98.9MW, combining Zone 1 (34.4MW) and Zone 2 (64.5MW), with construction scheduled to start in 2023 and completion targeted for 2025.

A company official stated, “Offshore wind power is considered the central pillar of the current government’s strong commitment to renewable energy development,” adding, “As large-scale power complex development projects proceed, the related market is expected to reach 100 trillion KRW.”

Meanwhile, offshore wind power has been identified as a core project of the current government’s Green New Deal and Carbon New Deal policies. In July last year, President Moon Jae-in visited an offshore wind power demonstration complex and presented a vision to become one of the world’s top five offshore wind power nations by 2030, expressing strong determination toward offshore wind power development.

According to the Korea Wind Energy Industry Association, 60MW of new offshore wind power capacity was installed last year, marking the largest annual installation scale to date. Furthermore, the volume awaiting electricity business permits, which is the pre-approval stage before full licensing, exceeds 30 times the amount of projects that have been fully approved.