Woori Technology Secures 300 Billion KRW in Large-Scale Funding for Wind Power Generation Project
[Asia Economy Reporter Hyunseok Yoo] Woori Technology announced on the 22nd that it has signed an investment and business agreement related to an offshore wind power project with major financial institutions such as NH-Amundi Asset Management, Shinhan Investment Corp., its subsidiary CGO, and Aphae Offshore Wind Power.
The total investment amount is 300 billion KRW, targeting the 80MW-class Aphae Offshore Wind Power Plant to be constructed on the public waters of Garyong-ri, Aphae-myeon, Sinan-gun, Jeollanam-do.
On the 9th, Woori Technology acquired 100% equity of the Aphae Offshore Wind Power Plant and is currently undergoing a project modification permit to expand the existing capacity from 40MW to 80MW. The Aphae Wind Power Plant is a privately-led offshore wind project expected to generate annual operating revenue of 40 billion KRW for 20 years after completion, with a target completion year of 2025.
A Woori Technology official stated, “Based on a strategic understanding of the wind power business, we have had long-term mutual consultations regarding this investment,” adding, “By acquiring the Aphae Offshore Wind Power Plant and simultaneously signing a large-scale investment agreement, related projects such as power plant construction are expected to proceed smoothly.”
He further added, “The parties to this agreement are interested not only in the Aphae Offshore Wind Power Plant but also in domestic and overseas offshore wind power projects that Woori Technology plans to pursue in the future, which will expand strategic cooperation.”
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STI secured the position of the second-largest shareholder by investing approximately 20 billion KRW through a third-party allotment capital increase and convertible bonds in November. The two companies have solidified their cooperation by signing a business agreement to expand renewable energy projects, including offshore wind power. STI operates the Yeongyang-Yeongdeok Wind Power Plant and an offshore wind power plant (1400MW) overseas (Vietnam), serving as a foothold for Woori Technology’s future entry into the overseas renewable energy market.
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