South Korea unveils plan to build world’s largest offshore wind farm for $43 billion

In a significant development, South Korea has unveiled a plan to build the world’s largest wind power plant by 2030 at a cost of $43.2 billion (48.5 trillion won) as part of broader efforts to foster an sustainable-friendly economic recovery from the coronavirus-induced COVID-19 pandemic.

The project initiated last year by President Moon Jae-in’s Green New Deal, is aimed at curbing South Korea’s reliance on fossil fuels and make it carbon neutral by 2050.

South Korea is Asia’s fourth-largest economy.

Moon attended a signing ceremony in Sinan, a southwestern coastal town, wherein the plant is located and which will have a maximum capacity of 8.2 gigawatts.

“With this project, we are accelerating the eco-friendly energy transition and moving more vigorously toward carbon neutrality,” said Moon at the event.

The event was also attended by utility and engineering companies including Hanwha Engineering & Construction Corp, Korea Electric Power Corp, CS Wind Corp, SK E&S, Samkang M&T Co, and Doosan Heavy Industries & Construction Co.

These companies will provide funding to the tune of 47.6 trillion while the government will come up with the balance remaining 0.9 trillion, said Moon’s office, Blue House in a statement.

It went on to add, the project would provide create around 5,600 jobs and help achieve a goal to boost the country’s wind power capacity to 16.5 GW by 2030 from 1.67 GW now.

So far, Britain holds the record of having the world’s largest offshore wind farm in in the Hornsea, which has a capacity of 1.12 GW.

($1 = 1,123.4000 won)

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy, Sustainability

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