Korea Midland Power Invests in Shinan-Ui Offshore Wind Project

Korea Midland Power Company's (KOMIPO) investment of KRW 96.1 billion (EUR 56 million) in the 390 MW Shinan-Ui offshore wind project marks a significant development in South Korea's renewable energy sector. This deal secures financing for the project, with offshore construction scheduled to begin in April, and KOMIPO will acquire new shares in the project, responsible for offshore wind power operations and auxiliary equipment management support after completion. The project has attracted a range of strategic investors, including Hanwha Ocean, SK Eternix, Future Energy Fund, and Hyundai Engineering & Construction, highlighting the collaborative efforts in the sector. Vestas has been contracted to supply 26 of its V236-15.0 MW offshore wind turbines for the project, demonstrating the involvement of key industry players. The deal is notable for its size, with a capacity of 390 MW, and the involvement of major players in the sector, which is expected to drive growth in South Korea's offshore wind market. The project's location in Sinan County, South Jeolla Province, is also significant, as it contributes to the region's renewable energy targets. Overall, this deal demonstrates the increasing investment in renewable energy in South Korea, driven by government policies and the growing demand for clean energy.