S. Korea Plans to Build World's Largest Offshore Wind Farm

Hyonhee Shin
Friday, February 5, 2021

South Korea unveiled a 48.5 trillion won ($43.2 billion) plan to build the world's largest wind power plant by 2030 as part of efforts to foster an environmentally-friendly recovery from the COVID-19 pandemic.

The project is a major component of President Moon Jae-in's Green New Deal, initiated last year to curb reliance on fossil fuels in Asia's fourth-largest economy and make it carbon neutral by 2050.

Moon attended a signing ceremony in the southwestern coastal town of Sinan for the plant, which will have a maximum capacity of 8.2 gigawatts.

"With this project, we are accelerating the eco-friendly energy transition and moving more vigorously toward carbon neutrality," Moon said at the event.

Utility and engineering companies also attended, including Korea Electric Power Corp, SK E&S, Hanwha Engineering & Construction Corp, Doosan Heavy Industries & Construction Co., CS Wind Corp and Samkang M&T Co.

The companies will provide 47.6 trillion of the required funding and the government the remaining 0.9 trillion, Moon's office Blue House said.

It said the project would provide up to 5,600 jobs and help achieve a goal to boost the country's wind power capacity to 16.5 GW by 2030 from 1.67 GW now.

The envisaged 8.2 GW amounts to the energy produced by six nuclear reactors, or the effects of planting 71 million pine trees, officials said.

To date, the world's largest offshore wind farm is Hornsea 1 in Britain, which has 1.12 GW capacity.

($1 = 1,123.4000 won) (Reporting by Hyonhee Shin; editing by Barbara Lewis)

Categories: Renewable Energy Offshore Wind Renewables

Related Stories

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Wood JV Gets EPC Job for Shell off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com