Root Energy has successfully crowdfunded approximately $15 million from residents of Suwon-ri, Hallim-eup, Jeju Island, allowing the Hallim Offshore Wind project to meet the qualifications for Korea’s government-certified resident participation program.
The project, with 18 5.56 MW generators producing a total 100 MW, began construction in 2022 and is scheduled for completion in October.
Among different methods of renewable energy resident participation, the company decided to choose the community-based type which was evaluated to allow residents to actively express their opinions. By taking part, Suwon-ri residents will receive part of profits generated through electricity sales upon the completion of the offshore wind farm.
“As Korea pledged to triple renewable energy at COP28, for it to become more widely distributed, it has no choice but to gradually become closer to residents’ living and working areas,” says Yoon Tae-hwan, CEO of Root Energy. “Without residents both understanding the need for renewable energy and actively engaging with it, the expansion of renewable energy will reach the limit at some point.”
