Transition Team Inspects Sinan and Yeonggwang Offshore Wind Power Plants... Offshore Wind Power Momentum Expected

[Asia Economy Reporter Hyungsoo Park] Members of the Presidential Transition Committee's Special Committee on Regional Balanced Development visited offshore wind power project sites, including the waters of Sinan-gun, and toured the Yeonggwang wind power test complex. Jeollanam-do explained the importance of the offshore wind power project, which is being fostered as a future new growth engine, and expressed hopes that related projects would gain momentum.

On the 16th, Jeollanam-do provided focused explanations to the Special Committee on Regional Balanced Development of the Presidential Transition Committee, who visited Jeonnam, on ▲ the enactment of a special law for the establishment of an integrated licensing organization for offshore wind power ▲ the establishment of the ‘National Offshore Wind Energy Research Institute’ ▲ and the necessity of developing the Mokpo New Port ‘support wharf and hinterland complex.’

This schedule by the transition committee reflects interest and expectations regarding offshore wind power, which is gaining attention as a future food industry, and discussions for its inclusion in national policy agendas are expected to intensify.

The securities industry predicts that the domestic offshore wind power market will expand in line with the new government's eco-friendly energy policies. Researcher Byunghwa Han of Eugene Investment & Securities analyzed, "According to President-elect Yoon Seok-yeol’s pledge, the share of renewable energy power will be 25% by 2030," adding, "To achieve this, installations must exceed the existing government’s offshore wind power target of 12GW." He continued, "After a five-year preparation period, 14GW of offshore wind power permits have been granted domestically so far," and "the commencement of offshore wind power projects in Korea is also positive."

The energy security crisis triggered by Russia is also expected to impact the offshore wind power market. The European Union (EU) plans to newly install 480GW of wind power by 2030, and many countries worldwide are making significant investments, especially in offshore wind power.

Companies such as Daehan Green Power and Unison, which are promoting offshore wind power projects in Jeonnam, as well as CS Wind and Samkwang M&T, which are advancing offshore wind-related projects overseas, are gaining attention.

Daehan Green Power is conducting the commissioning of the 8MW-class ultra-large offshore wind power pilot project, the first in Korea and the third worldwide, since January this year. The 8MW-class ultra-large wind turbine currently in commissioning is only found in three places globally: the UK, China, and Korea.

They are pushing to start construction within the year on the 400 billion KRW-scale ‘Yawol Offshore Wind Project.’ They plan to sequentially promote the 50MW-class Duuri Offshore Wind Power Complex and the 160MW-class Chilsan Offshore Wind Power Complex projects. The government is promoting the construction of solar power plants and smart farms by utilizing 1,421 hectares of salinized farmland in the Yeongam reclamation area as part of eco-friendly renewable energy development projects. Daehan Green Power, which is engaged in renewable energy projects centered in Jeonnam, is expected to benefit greatly in the future.

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