Park Jiwon Hails "Jindo's 20 Trillion Won Windfall"... Attracts Offshore Wind Power with 1.4 Trillion Won 'Wind Pension'

Selected for Phases 1 and 2 of the Ministry of Climate, Energy, and Environment’s Cluster Project

3.6GW Capacity Equivalent to Three to Four Nuclear Power Plants

Achievement Just Six Months After Application

"Wind Pension" to Provide Up to 10 Million Won per Household

Park: "Grateful to President Lee Jaemyung and Minister Kim Sunghwan... Will Ensure Seamless Coordination on Military Operations by Year-End"

Jiwon Park, Member of the Democratic Party of Korea (representing Haenam, Wando, and Jindo in South Jeolla Province), announced on March 16 that Jindo County has achieved a significant milestone by being selected for both Phase 1 and Phase 2 of the Offshore Wind Power Cluster Project led by the Ministry of Climate, Energy, and Environment, attracting a total of 20 trillion won in private sector investment.

This achievement comes just half a year after applying for the project in October of last year, and is seen as establishing a strong foundation for the so-called "Wind Pension," which provides substantial dividends to residents of the county.

Jiwon Park, member of the Democratic Party of Korea

According to Park’s office on March 16, the Ministry of Climate, Energy, and Environment has newly designated or amended seven offshore wind power cluster sites nationwide, including Jindo Phase 1 (1,470MW) and Phase 2 (2,130MW). The total facility capacity designated for Jindo County reaches 3.6GW. This is equivalent to the output of three to four nuclear power plants and is on par with the largest single-site cluster in Korea, located in Sinan County (3.7GW).

Unlike the conventional model where private developers independently pursue projects, the offshore wind power cluster is a model in which local governments take the lead in identifying suitable sites and securing the acceptance of fishermen and local residents in advance. This approach can significantly minimize chronic conflicts such as fisheries compensation or transmission line disputes, thereby greatly increasing both the speed and likelihood of successful implementation.

With this designation, Jindo County stands to enjoy enormous economic ripple effects. In addition to job creation from the 20 trillion won private facility investment, the direct profits, dividends, and support funds generated over the next 20 years are expected to reach nearly 1.8 trillion won.

Specifically, about 400 billion won in direct profits and power plant vicinity support funds will flow into Jindo County itself, while South Jeolla Province (138.4 billion won) and Haenam County (399.6 billion won), which lies along the transmission line route, will also receive significant fiscal benefits.

Of particular note is the "Wind Pension," a system for sharing power generation profits with county residents. If residents form a cooperative and invest 4% of the construction costs, they are projected to receive approximately 1.4 trillion won in dividends through Renewable Energy Certificate (REC) profits and other channels.

Based on the total of 16,329 households in Jindo County, the estimated annual dividend per household is 4.36 million won on average (with a minimum of 1 million won and a maximum of 10 million won). The full-fledged era of the pension is expected to begin in 2031 (Phase 1) and 2033 (Phase 2), when the project is completed.

Park expressed his joy over this achievement, stating, "A blessing has come to Jindo, the Treasure Island. This means new sources of livelihood and jobs for the people of Jindo." He added, "Following Sinan's 3.7GW project, after decades of effort, Jindo's 3.6GW and the 20 trillion won private investment cluster have now been officially announced. Minister Kim Sung-hwan of the Ministry of Climate, Energy, and Environment, who works so well under the capable President Lee Jaemyung, deserves our gratitude for this swift government decision."

Park also mentioned his recent "mole-like itinerary" of touring his constituency for five days, emphasizing his commitment to addressing local issues. He said, "I deeply understand the necessity of the island bridge between Geumdang in Wando and Goheung, and for the Bigyeondo island bridge, I promise to prioritize and respect the opinions of the Geumdang residents during the process."

Park concluded, "I will do my utmost to ensure the success of the Jindo offshore wind project for the benefit of Jindo County, its residents, and Haenam County residents, who will share in the profits due to the transmission line. I will continue to closely coordinate with South Jeolla Province and Jindo County to complete the negotiations and adjustments on military operational requirements for parts of the relevant sea area, which are scheduled to be finalized by the end of this year."

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