Shinan County Signs MOU for KRW 100 Billion Offshore Wind Power Fund for Residents

Maximum Investment per Person: 120 Million KRW
Annual Income Generation: 15 Million KRW

Shinan County, South Jeolla Province (Governor Park Woolyang) announced on the 6th that it signed a business agreement on December 31 last year with Root Energy (CEO Yoon Taehwan) and Shinan Uihei Offshore Wind Power (CEO Lee Yong-an) to establish the nation’s first 100 billion KRW offshore wind power fund for Shinan residents.

Shinan Uihei Offshore Wind Power, established as a special purpose company (SPC) by Hanwha Ocean, is promoting the country’s largest offshore wind power project with a capacity of 390MW (15MW x 26 units) in the Shinan sea area. In response, Shinan County signed the agreement to create the nation’s first 100 billion KRW offshore wind power fund for residents, enabling local residents, those living near transmission and substation facilities, and local financial institutions to directly invest in the project, generate profits, and secure public acceptance.

They are taking a commemorative photo after signing the nation's first 100 billion won offshore wind power community fund agreement between Sinan County, Root Energy Co., and Sinan Uihe Offshore Wind Power Co. on December 31 last year. Photo by Sinan County

The main contents of this agreement include: △Design and operation of the Shinan residents’ fund model △Provision of procurement interest rates to fund subscribers △Administrative support for fund promotion and creation, among others. The parties plan to develop a fund model with an annual return rate of 13%.

Governor Park Woolyang stated, “Through the Sunlight Pension program, Shinan County has increased residents’ understanding of renewable energy and built policy consensus,” adding, “We will make further efforts to ensure that the offshore wind power residents’ fund makes a tangible contribution to the local economy.”

Meanwhile, Shinan County expects that when 30 power complexes, including both fixed and floating types, are established, an individual investment of up to 120 million KRW could generate an annual income of about 15 million KRW per person.