HD Hyundai Electric, in conjunction with Pacifico Energy Korea, CS Wind, Korea Ocean Engineering & Consultants Co, and Daebul Shipbuilding, inked a Memorandum of Understanding (MoU) on Monday, October 30. This MoU sets the stage for the development of a colossal 3.2-gigawatt (GW) offshore wind farm in the city of Jindo-gun, Jeollanam-do province.
The ambitious offshore project, with a total estimated cost of KRW 19 trillion, will see the construction of three power generation complexes along the picturesque coast of Jindo-gun, situated in the south-western region of South Korea. Once operational, it is projected to provide clean electricity to over 3 million households, making a substantial contribution to South Korea's renewable energy goals.
Under the terms of the agreement, Pacifico Energy Korea will take the lead in equity investment and overall business development, while HD Hyundai Electric will contribute wind turbines and power equipment for offshore substations. The project's success also hinges on the collaboration of various partners, each taking on specific responsibilities, including wind tower and substructure development, submarine cable installation, and maintenance.
This landmark initiative aligns with the South Korean government's proactive stance on promoting offshore wind power projects, which are integral to achieving the nation's carbon neutrality goal by 2050 and fulfilling its 2030 Nationally Determined Contribution. The government has set an ambitious target to expand offshore wind power capacity to 26.7 GW by 2036, further emphasizing its commitment to sustainable energy sources.
HD Hyundai Electric, in its pursuit of revitalizing the offshore wind power sector in South Korea, seeks to establish a robust local supply chain, ensuring that the nation's renewable energy ambitions are met with efficiency and reliability. This cooperative effort signifies a promising step towards a cleaner and more sustainable energy future for South Korea.