Korea Midland Power has allocated £49 million to acquire an interest in the 390MW Sinan Ui offshore wind initiative, bringing the project into its expanding portfolio.

The South Jeolla Province facility has already secured financing and is gearing up for the initiation of offshore construction in April, as well as being designated as the inaugural investment for the National Growth Fund.

Korea Midland Power intends to oversee reliable operations by offering management services for offshore wind operations and related equipment once the project reaches completion.

Lee Young-jo, president of Korea Midland Power, said: “This project is meaningful as it is the first offshore wind project in Korea to operate 15MW-class large wind turbines.

“As the project is being pursued using domestic financing, we will do our best as a public corporation to contribute to revitalising the domestic wind power industry ecosystem.”

Other key investors include Hanwha Ocean, SK E&S and Hyundai Engineering & Construction.

This recent investment follows the successful establishment of the 100MW Hallim offshore wind farm last year and further aids in meeting its mid to long-term objectives of reaching 60pc energy generation from carbon-free sources and a 70pc reduction in greenhouse gas emissions by 2040.

More information:https://www.tgs4c.com/news/korean-investor-acquires-a3775m-stake-in-offshore-wind-farm-nid32489.html