96MW Scale Commercial Operation in March Next Year
Expectations for Full-Scale Private Investment in Offshore Wind Power
SK Innovation E&S is strengthening cooperation with the government and local governments to complete the Jeonnam Offshore Wind Power Phase 1, the first privately-led offshore wind power project in Korea.
On the 18th, SK Innovation E&S announced that Prime Minister Han Duck-soo inspected the site to commemorate the start of the test operation of Jeonnam Offshore Wind Power Phase 1, which is under construction off the coast of Sinan-gun, Jeollanam-do. After touring the wind turbine storage site, he held a meeting with local government and industry officials.
On this day, key figures including Prime Minister Han, Nam Hyung-gi, Deputy Minister of the Office for Government Policy Coordination, Kim Jong-ryul, Deputy Secretary-General of the Carbon Neutral Green Growth Committee of the Office for Government Policy Coordination, Choi Nam-ho, 2nd Vice Minister of the Ministry of Trade, Industry and Energy, Nam Jae-heon, Director of the Port Bureau of the Ministry of Oceans and Fisheries, Kim Young-rok, Governor of Jeollanam-do, Park Hong-ryul, Mayor of Mokpo, and Chu Hyung-wook, CEO of SK Innovation E&S, attended.
Jeonnam Offshore Wind Power Phase 1 is a 96MW offshore wind power complex under construction on the northwest shared waters of Jaeun-do, Sinan-gun, Jeollanam-do. Construction is underway with the goal of commercial operation in March next year. Early last year, the project successfully secured non-recourse project financing (PF) funds solely based on the project's own credit without separate guarantees.
With this as a turning point, private investment is expected to accelerate, giving further momentum to the development of the Jeonnam offshore wind power complex, which will become the world's largest with a capacity of 8.2GW. As the government and local governments will spare no support for the completion of Jeonnam Offshore Wind Power Phase 1, regional economic revitalization is also expected through the establishment of offshore wind power infrastructure such as support ports and hinterland complexes.
SK Innovation E&S practices regional coexistence by sharing development benefits with areas surrounding the power plant and contributes to regional economic revitalization by consistently using local ports. By producing and utilizing most equipment and construction machinery in cooperation with domestic companies, it is expected to serve as a catalyst for the development of the domestic offshore wind power industry.
SK Innovation E&S currently holds the largest private renewable energy pipeline in Korea, with about 5GW in capacity, and plans to add about 1GW annually to expand to 7GW by 2025.
Prime Minister Han emphasized, "The activation of offshore wind power will strengthen the foundation of energy security and serve as an opportunity for Jeonnam to become a leading region in renewable energy."
CEO Chu stated, "Jeonnam Offshore Wind Power Phase 1 is the first privately-led offshore wind power project in Korea, made possible thanks to the active cooperation and support of the government and local governments. As the largest private renewable energy company in Korea, we will actively cooperate to promote related industries domestically, contribute to the regional economy, and achieve national renewable energy distribution goals through continuous project advancement."
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