Hanwha Ocean announced on December 23 that it has signed an engineering, procurement, and construction (EPC) contract for the Shinan Ui Offshore Wind Power Project. This marks the first achievement in the offshore wind EPC business since the establishment of its Energy Plant Division last month.
This contract will be jointly carried out by Hanwha Ocean and Hyundai Engineering & Construction, with a total contract value of 2.64 trillion won. Of this amount, Hanwha Ocean's share is 1.9716 trillion won.
The Shinan Ui Offshore Wind Power Project is a large-scale initiative to build a 390 MW offshore wind farm southeast of Ui Island in Shinan County, South Jeolla Province. The project is significant in that it is led by domestic companies. Hanwha Ocean has overseen the entire development process, including securing key permits and enhancing local community acceptance. Korea Midland Power, Hyundai Engineering & Construction, and SK Eturnix are participating as shareholders.
In addition, the Korea Development Bank and KB Kookmin Bank have been selected as lead arrangers for project financing (PF), and the PF process is currently underway. The Future Energy Fund, established by the Korea Development Bank and the five major commercial banks, is investing 544 billion won through both equity investment and subordinated loans, with PF completion expected in early 2026.
Through this project, Hanwha Ocean plans to select domestic companies as partners for core supply chains such as submarine cables, substructure fabrication, and offshore installation, thereby contributing to the revitalization of domestic industry and the creation of new jobs. In addition, Hanwha Ocean will directly build a wind turbine installation vessel (WTIV) capable of installing 15 MW-class turbines-the first of its kind in Korea-and deploy it for the Shinan Ui Offshore Wind Power Project.
Philippe Levy, President and Head of the Energy Plant Division at Hanwha Ocean, stated, "The EPC contract for the Shinan Ui Offshore Wind Power Project is an important turning point as Hanwha Ocean expands its business domain beyond shipbuilding and marine engineering into the eco-friendly energy infrastructure sector. Based on our EPCIO capabilities, which cover everything from design and construction to installation and operation, we will make a tangible contribution to revitalizing the domestic offshore wind industry ecosystem and achieving carbon neutrality."
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