Private Investment of 20 Trillion Won Expected
Creation of Over 30,000 Jobs Anticipated
Sinan County, South Jeolla Province, announced on April 23 that the Ministry of Trade, Industry and Energy had designated the "Sinan Offshore Wind Power 3.2GW Cluster Complex" following deliberation and resolution by the Renewable Energy Policy Committee on April 22.
As a renewable energy initiative, Sinan County and the Jeonnam Development Corporation identified suitable sites through a location study and promoted the Sinan Offshore Wind Power Cluster Complex as a key project. Jeonnam Province and Sinan County worked together to continuously persuade and engage local fishermen and residents along transmission line routes, ultimately achieving the designation of the cluster complex.
Offshore wind power plant in the Jaeundo area, Jeonnam Offshore Wind Power. Provided by Sinan County
The Sinan Offshore Wind Power Cluster Complex will consist of a total of 10 sites, with the project aiming for completion by 2033. The total capacity will reach 3.2GW, and private sector investment is expected to amount to 20 trillion won.
In addition, the project is expected to create approximately 30,000 jobs during its implementation. This is anticipated to become a major turning point not only for Sinan County but also for the advancement of offshore wind power and the establishment of an offshore wind supply chain in South Korea.
Since 2021, in accordance with the ordinance on sharing profits from renewable energy development, Sinan County has been paying the nation's first "solar pension," with the cumulative amount now totaling 24.7 billion won. This has been distributed to 16,341 residents, accounting for 42% of the entire county population.
Furthermore, with the completion of the offshore wind farm by Jeonnam Offshore Wind Power Co., Ltd. in the Jaeundo area, the county plans to provide the nation's first "wind pension" starting in October. With the designation of the cluster complex, Sinan County expects that, upon completion of its planned 8.2GW capacity, it will be able to provide a monthly payment of 500,000 won to every resident, making this goal increasingly tangible.
The cluster complex will be promoted by securing resident acceptance through a public-private council involving residents, fishermen, and local governments. After the completion of the power plant, up to 0.1 in REC (Renewable Energy Certificate) weighting will be granted to the local government to ensure continued resident acceptance.
In particular, the government, in cooperation with Korea Electric Power Corporation, is establishing joint connection facilities and securing transmission networks, providing a foundation for offshore wind power companies to proceed with their projects quickly, which has been welcomed by the industry.
Kim Daein, Deputy County Governor, stated, "The designation of the 3.2GW Sinan Offshore Wind Power Cluster Complex will establish a domestic offshore wind supply chain and secure national competitiveness in the offshore wind industry, setting a new milestone for South Korea's offshore wind sector." He added, "We will do our utmost to ensure the smooth progress of the project."
He also expressed his gratitude, saying, "I would like to thank the Ministry of Trade, Industry and Energy, Jeonnam Province, the Trade, Industry, Energy, SMEs and Startups Committee, the Sinan County Council, local fishermen, and all Sinan residents for their cooperation in designating the 3.2GW offshore wind power cluster complex."
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