Leading Carbon Neutrality with Domestic Companies
Impact of Establishing the Energy Plant Division
Hanwha Ocean (CEO Kim Heecheol) has officially launched its offshore wind power business.
By signing a contract for the Sinan Wui Offshore Wind Power project, Hanwha Ocean has expanded its business portfolio, previously focused on shipbuilding and defense, into the energy sector.
Hanwha Ocean has signed an EPC (Engineering, Procurement, and Construction) contract for the Sinan Wui Offshore Wind Power project. This contract will be jointly executed 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 Sinan Wui Offshore Wind Power project is a large-scale initiative to build a 390MW offshore wind farm in the southeastern waters of Ui Island, Sinan-gun, Jeollanam-do. It is particularly significant as it is an offshore wind power project led by domestic companies.
Hanwha Ocean has overseen the overall development, including securing key permits and enhancing community acceptance, and Korea Midland Power, Hyundai Engineering & Construction, and SK Eterynics are participating as shareholders.
In addition, Korea Development Bank and Kookmin Bank have been selected as lead arrangers for project financing, and the PF process is underway. The Future Energy Fund, established by Korea Development Bank and the five major commercial banks to invest in domestic renewable energy, plans to invest 544 billion won, including equity investment and subordinated loans. The project financing is expected to be successfully completed in early 2026.
Notably, through this project, Hanwha Ocean plans to select domestic companies as partners for key supply chains such as subsea cables, substructure fabrication, and offshore installation, thereby contributing to revitalizing the domestic industry and creating new jobs. For the first time in Korea, Hanwha Ocean will also construct a Wind Turbine Installation Vessel (WTIV) capable of installing 15MW-class turbines and deploy it for the Sinan Wui Offshore Wind Power project.
While the global offshore wind power market is expected to grow rapidly from a cumulative 83GW in 2024 to 441GW by 2034, the domestic market remains at about 0.35GW as of 2025 due to permitting procedures, community acceptance, and challenges in infrastructure and financial procurement. In response, the government recently announced plans to expand core infrastructure such as ports and vessels, aiming to supply 25GW of offshore wind power by 2035. With the groundbreaking of the Sinan Wui Offshore Wind Power project, the domestic offshore wind industry is also expected to enter a full-fledged growth phase.
Philippe Levy, Head of the Energy Plant Division at Hanwha Ocean, stated, "The EPC contract for the Sinan Wui Offshore Wind Power project marks a pivotal moment as Hanwha Ocean expands its business beyond shipbuilding and marine engineering into the eco-friendly energy infrastructure sector. Based on our EPCIO capabilities, covering everything from design to construction, installation, and operation, we will make tangible contributions to revitalizing the domestic offshore wind power ecosystem and achieving carbon neutrality."
Recently, Hanwha Ocean established the Energy Plant Division to strengthen its competitiveness in global offshore wind power and onshore/offshore plant EPC projects.
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