BDI Wins 236.3 Billion KRW Jangheung Southwestern Coast Offshore Wind Power Project... "Wind Power Orders Surpass 900 Billion KRW"

[Asia Economy Reporter Yoo Hyun-seok] VIDIA announced on the 2nd through a public disclosure that it has signed a construction contract worth 236.3 billion KRW related to the "Jangheung-gun Area Southwestern Coast Offshore Wind Power Project."

This construction contract is for an offshore wind power project with a capacity of 96MW (16 units of 6MW each) planned to be established in the southwestern coastal offshore area of Jangheung-gun, Jeollanam-do (project area 2.34㎢). It is a large-scale project with a total project cost of 472.7 billion KRW. VIDIA is participating as a strategic investor and contractor, responsible for the foundation civil engineering and substructure works for wind turbine installation (84.3 billion KRW), and power grid connection works for transmission and distribution (152 billion KRW).

The Jangheung-gun Area Southwestern Coast Offshore Wind Power Complex Project has already completed wind resource surveys and resident consent procedures. Construction is expected to begin in 2022 after the completion of permits and approvals, with commercial operation starting in August 2025.

VIDIA has recently achieved visible results in onshore and offshore wind power projects by strengthening professional personnel and establishing cooperative networks with wind power affiliates. Following the "Gampo Find Green Wind Power Project" (total installed capacity 92MW, contract amount 275.1 billion KRW) and the "Wando Offshore Wind Power Project" (total installed capacity 148.5MW, contract amount 391.8 billion KRW), this "Jangheung-gun Area Southwestern Coast Offshore Wind Power Project" (total installed capacity 96MW, contract amount 236.3 billion KRW) contract brings the total installed capacity to 336.5MW and total contract amount to 903.2 billion KRW.

Recently, the application for development activities for the Gampo Find Green Wind Power Project in Gyeongju City has been completed. Construction is scheduled to start after the completion of Project Financing (PF) in November. The Wando Offshore Wind Power Project and the Jangheung-gun Area Southwestern Coast Offshore Wind Power Project are planned to begin construction next year.

A VIDIA official stated, "Since last year, we have been signing business agreements with specialized companies related to foundation construction for offshore wind turbine installation and power grid connection works to participate in offshore wind power projects." He added, "We are participating as a strategic investor in the offshore wind power project SPC consortium, engaging not only in equity investment but also in construction and maintenance operations."

He continued, "We are pursuing additional participation in offshore wind power projects mainly along the west coast, including Chungnam and Jeonnam coastal areas," and added, "From the second half of this year, significant sales and profits are expected to be generated in the renewable energy business sector."

Meanwhile, a paid-in capital increase worth 48.8 billion KRW is underway. The issue price per share will be finalized on the 3rd according to the fixed issuance price regulation (weighted arithmetic average of 3 to 5 trading days before the subscription date), down from the previous 4,880 KRW. Subscription will take place over two days, June 8-9, through Eugene Investment & Securities and SK Securities. Participation is open to existing shareholders as well as the general public.

This content was produced with the assistance of AI translation services.