Jeonju, South Korea – Jeonbuk Province is poised to become a leader in renewable energy with the development of a 1.4 gigawatt (GW) offshore wind farm complex. The project, located off the coast of Buan and Gochang counties, has received designation as a renewable energy cluster complex from the Ministry of Trade, Industry and Energy.
This designation paves the way for the expansion of the existing 0.4GW pilot complex, ultimately creating the largest offshore wind power cluster complex in South Korea. The ambitious project is expected to generate the equivalent of 2.5 nuclear power plants, significantly boosting the region's renewable energy capacity.
The Southwest Sea offshore wind power project represents a substantial investment of 14.4 trillion won ($11 billion USD) and will encompass a total area of 2.46GW. The newly designated 1GW expansion complex will be developed in phases, following the existing demonstration complex (60MW) and pilot complex (400MW).
The project will be implemented through a collaborative approach between the public and private sectors. The 200MW complex near Gochang will be developed through a public-private partnership, while the 800MW complex near Buan will be led by public investment from power generation corporations.
Jeonbuk Province aims to not only secure a stable supply of renewable energy but also stimulate the regional economy through this initiative. The project is expected to create numerous jobs and attract related businesses to the area.
Furthermore, the local community is anticipated to benefit directly from the project. Once operational, the wind farm is projected to generate annual REC dividends for 20 years, providing a significant boost to the local economy.
The province is actively working to ensure the smooth implementation of the project. Since 2019, the 'Jeonbuk Southwest Sea Offshore Wind Power Public-Private Council' has been facilitating discussions and addressing concerns related to fishing rights, marine environment, and benefit sharing with local residents.
"The additional designation of the Southwest Sea offshore wind power expansion complex will be an important stepping stone for Jeonbuk to leap forward as a center of the renewable energy industry," said Shin Won-sik, head of the Future Advanced Industry Bureau. "We will create a win-win model with local residents by promoting a stable and sustainable offshore wind power project in cooperation with the private and public sectors."
This large-scale offshore wind farm project underscores Jeonbuk Province's commitment to renewable energy and its ambition to become a hub for sustainable development in South Korea.
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