Korea Midland Power Company (KOMIPO) is investing KRW 96.1 billion (about EUR 56 million) in the 390 MW Shinan-Ui offshore wind project, the company said on 11 February. Financing for the offshore wind farm has been secured, and offshore construction is scheduled to begin in April, according to KOMIPO.
The offshore wind farm, which will be built in the waters off Sinan County in South Jeolla Province, was also selected as the first investment project under the National Growth Fund.
Already a project partner, KOMIPO will acquire 96.1 million new shares in the project with the investment.
Other strategic investors include Hanwha Ocean, which is leading the consortium, SK Eternix, Future Energy Fund, and Hyundai Engineering & Construction. Korea Midland Power will be responsible for offshore wind power operations and auxiliary equipment management support after the project’s completion, ensuring the project’s stable operation, the company said.
In December 2025, the consortium awarded Vestas a contract to supply 26 of its V236-15.0 MW offshore wind turbines for the site, marking Vestas’ first offshore wind order in South Korea. The developer and the Danish turbine manufacturer also signed a 20-year service contract.
The delivery of the 15 MW wind turbines is scheduled to start in 2027, according to information from Vestas. Commercial operation date for the 390 MW wind farm is targeted for February 2029, said KOMIPO.