Woori Technology Accelerates Finalization of Approval for Amhae Offshore Wind Power, Promotes 'PF and Early Construction'

Woori Technology's 100% subsidiary, 'Aphae Offshore Wind Power Plant,' is accelerating its offshore wind power business following the recent signing of a main equipment purchase contract.

Woori Technology announced on the 1st that the permits and approvals for the construction of the Aphae Offshore Wind Power Plant are progressing smoothly and are expected to be completed by the first half of next year. The Aphae Offshore Wind Power Plant aims to complete project financing (PF) by the second half of 2024.

The Aphae Offshore Wind Power Plant recently completed major permit procedures such as cultural heritage surveys and maritime traffic safety assessments for the offshore wind power project. In September, it also submitted the marine utilization nutrient evaluation (environmental impact assessment). From the early stages of the project, the headquarters was relocated to Aphae-eup to maintain close communication with local residents and organizations. The Aphae Offshore Wind Power Plant plans to complete all permits and quickly proceed with PF to raise investment funds, and will soon select a construction company to carry out EPC (engineering, procurement, and construction).

The Aphae Offshore Wind Power Project is expected to secure superior economic feasibility compared to other offshore wind projects by adopting optimal complex configurations, equipment, and construction technologies. The total project cost for the 80MW Aphae Offshore Wind Power Plant is in the 400 billion KRW range, which is significantly lower than the average cost per MW of nearby offshore wind power plants. The company explained that upon commercial operation in 2027, it expects annual sales of 54 billion KRW and EBITDA (earnings before interest, taxes, depreciation, and amortization) exceeding 44 billion KRW.

A Woori Technology official stated, “Since we have already initiated preliminary procedures for PF and contractor selection to expedite the Aphae Offshore Wind Power Plant project, we expect the business to accelerate further.”

He added, “By applying Woori Technology’s differentiated control and instrumentation technology, we will maximize the power generation efficiency of the Aphae Offshore Wind Power Plant,” and “through our offshore wind installation specialized subsidiary CGO, we plan to shorten the construction period and reduce construction costs.”

The Aphae Offshore Wind Power Plant recently signed a main equipment purchase contract with the global wind turbine company 'Mingyang Smart Energy Group (hereafter Mingyang)' and the domestic wind power specialist 'Unison.' Mingyang ranked first worldwide last year in order volume and manufactures key components of wind power plants in-house. Unison is the oldest wind turbine manufacturer in Korea and has a track record of developing and supplying various sizes of onshore and offshore wind power systems.

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