Yutap Construction Secures Approval for 2 Trillion Won Offshore Wind Power Project

Imjado, Shinan: 61.26 km², Installed Capacity 323MW
Chairman Jung Byungrae: "Leading the Way in Renewable Energy"

Utop Group received approval for the Sinan offshore wind power project from the Electricity Committee of the Ministry of Trade, Industry and Energy in December last year. Photo by Utop Group

Yutap Construction announced on the 2nd that it has obtained approval for a 2 trillion won offshore wind power generation project in Sinan. Yutap Construction applied for a power generation business license from the Electricity Committee of the Ministry of Trade, Industry and Energy in August last year, and recently received approval, putting the project on track.

This project will be developed across a 61.26 km² offshore area in Jaewon-ri, Imja-myeon, Sinan-gun, with an installed capacity of 323MW and a total project cost of 2 trillion won, making it a large-scale initiative.

Last year, a total of eight offshore wind power generation projects were approved, including those by Hanwha, SK Ecoplant, Jeonnam Development Corporation, and Germany's RWE. The fact that Yutap Construction, a mid-sized construction company, has received approval in a market dominated by major domestic conglomerates, public enterprises, and global energy companies is seen as a noteworthy achievement, signaling its transformation from a construction firm into a comprehensive energy company.

Yutap Construction demonstrated the reliability of its project execution by meeting requirements such as a corporate capital payment of 20 billion won and securing 300 billion won in equity capital. Since installing a wind measurement device offshore at Sobi-chido, Imja-myeon, Sinan in May 2022, the company has confirmed the project's feasibility through thorough preparations, including economic analysis and preliminary feasibility studies. With this approval, Yutap Construction is targeting groundbreaking by the end of 2029, completion in 2031, and commercial operation in 2032.

Once completed, the project is expected to generate 880,000 MWh of electricity annually, enough to supply 240,000 households (1 million people) based on a family of four. Through this, Yutap Construction expects to contribute to sustainable energy transition, revitalization of the local economy, and job creation.

Yutap Group is diversifying its business portfolio beyond its traditional construction-focused structure into hotels, leisure, and renewable energy, securing sustainable growth drivers. With this power generation project as a starting point, the group plans to accelerate its transformation into a comprehensive energy company and further strengthen its competitiveness in line with the global energy transition.

Jung Byungrae, Chairman of Yutap Group, stated, "This power generation project approval is an important achievement that secures future growth engines and externally recognizes the group's technological capabilities and business management competence." He emphasized, "By directly participating in construction and efficiently operating the power plant, Yutap Construction will successfully complete the project and play a leading role in revitalizing the local economy and the renewable energy sector."