Copenhagen Infrastructure Partners (CIP) and SK E&S say they have reached financial close on the 99 MW Jeonnam I offshore wind power project in South Korea.
Once completed later next year, the project is expected to become the first Korean commercial-scale offshore wind farm to go into operation.
SK E&S and CIP are also jointly developing Jeonnam 2 and Jeonnam 3, two offshore wind projects with a total capacity of 800 MW currently in the development phase.
Jeonnam 1, 2 and 3 will support Korea’s ambitious target of reaching 14.3 GW of offshore wind power by 2030, a significant increase compared to the existing 100 MW installed today.
Jeonnam entered a grid connection agreement with KEPCO, the state-owned utility in South Korea, allowing the project to connect to the grid during 2024. In 2022, Jeonnam I was awarded a 20-year fixed-price offtake agreement with Korea Hydro & Nuclear Power through Korea’s first wind offtake auction.
Throughout 2022, the project also signed manufacturing and construction contracts with Korean suppliers including Hyundai Engineering and Steel Industries, Hyundai Electric and Gaon, KT Submarine and LS Cable and System. The project will utilize Mokpo New Port as the marshalling port throughout construction.
“SK E&S is proud to be leading the offshore wind industry in Korea with this landmark project,” Jeonnam CEO Daniel Yun said. “Jeonnam 1 is expected to provide green electricity equivalent to approximately 60,000 households in Korea.”
Photo by Andrzej Kryszpiniuk on Unsplash
