Korea Midland Power Invests 96.1 Billion Won in Sinanui Offshore Wind Farm...Scaling Up Renewable Energy Investment

Participation in 3.4 Trillion Won, 390 MW Wind Farm
Accelerating Toward 2040 Carbon-Free Power Generation Target

Sinan-ui Offshore Wind Farm bird's-eye view. Korea Midland Power.

Korea Midland Power is accelerating its expansion of renewable energy investments by making a large-scale equity investment of nearly 100 billion won in the offshore wind power project in Sinan, South Jeolla Province.

On the 11th, Korea Midland Power announced that it had invested 96.1 billion won in the Sinanui Offshore Wind Farm project and newly acquired 96.1 million shares.

The Sinanui Offshore Wind Farm is a large-scale project with a total project cost of approximately 3.4 trillion won, aimed at building a 390 MW (megawatt) offshore wind farm south of Uido in Sinan County, South Jeolla Province. The target date for the start of commercial operation is February 2029. Having completed financing, the project is scheduled to begin offshore construction in April. Once completed, it will have the capacity to supply electricity to approximately 290,000 households, based on a family of four. Recognized for its public interest, the project has also been selected as the first investment project of the National Growth Fund.

Strategic investors include Korea Midland Power, Hanwha Ocean, SK E&S, and Hyundai Engineering & Construction. After completion of the wind farm, Korea Midland Power plans to take charge of operation of the offshore wind facility and support services for auxiliary equipment management, thereby leading the stable operation of the project.

Through this equity investment, Korea Midland Power has further strengthened its position as a leading renewable energy developer, following the completion last year of the Hallim Offshore Wind Farm (100 MW). It is also expected to provide additional momentum toward achieving its mid- to long-term targets of raising the share of carbon-free energy generation to 60% and cutting greenhouse gas emissions by 70% by 2040.

Lee Youngjo, President of Korea Midland Power, said, "This project is highly significant in that it is the first offshore wind project in Korea to operate large 15 MW-class wind turbines," adding, "As this project is being carried out using domestic financing and EPC, we will do our utmost as a public corporation to help vitalize the domestic wind power industry ecosystem."

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