Saneun Successfully Arranges Financing for World's Largest Offshore Wind Power Project

The Korea Development Bank (KDB) headquarters in Yeouido, Seoul, shows a quiet scene on the 20th, which General Motors (GM) headquarters referred to as the 'deadline' for Korea GM's court receivership. KDB is the second-largest shareholder, holding 17% of Korea GM's shares. However, out of the 10 board members, only 3 represent KDB, making it difficult to prevent GM headquarters from pushing forward with court receivership. Lee Dong-geol, chairman of KDB, stated that if GM headquarters unilaterally places Korea GM under court receivership, they will take legal actions such as lawsuits. Photo by Moon Honam munonam@

[Asia Economy Reporter Kim Jin-ho] The Korea Development Bank announced on the 10th that it has completed financial arrangement for the Dogger Bank Offshore Wind Power Project in the UK, the world's largest offshore wind power project.

This project is a landmark endeavor to construct and operate a 3.6GW offshore wind farm (277 wind turbines, area of 1,674㎢) in the North Sea of the UK in three phases. It is currently the largest offshore wind farm under construction and operation worldwide, and upon completion, it will supply 5% of the UK's electricity demand.

Despite various adverse conditions such as the contraction of the international financial market due to the spread of COVID-19, the bank explained that it was the only Korean financial institution to participate, thereby solidifying its position in the advanced global offshore wind power market.

Based on its experience and accumulated capabilities in financing in the advanced offshore wind power market, the bank is also providing financial advisory services for the Jeonnam Offshore Wind Power Project (99MW). It plans to actively support domestic offshore wind power projects, which are expected to expand in the future, and respond to the government's renewable energy expansion policy.

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