Hanwha Ocean has started construction of the 390 MW Shinan Ui offshore wind project off the coast of South Jeolla Province. The construction kick-off was marked with a ground-breaking ceremony that took place on 16 July in Shinan County.
Located off Uido Island in Shinan, the offshore wind farm has secured its construction plan approval and is scheduled to be completed in 2029.
The 390 MW Shinan-Ui will be built by a consortium comprising Hanwha Ocean, SK Eternix, KOMIPO (Korea Midland Power), Future Energy Fund, and Hyundai Engineering & Construction.
Hanwha Ocean is leading the project as both a developer and lead EPC contractor, overseeing project development, permitting, investment, engineering, procurement and construction.
Hyundai Engineering & Construction is participating as an EPC contractor, while KOMIPO will operate the wind farm for 25 years after it enters commercial operation.
The project has secured domestic project financing and will source key components, excluding the wind turbines, through South Korea’s domestic supply chain, according to Hanwha Ocean.
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The company also said it is investing approximately KRW 800 billion (nearly EUR 500 million) in a next-generation wind turbine installation vessel (WTIV), which is expected to be deployed on the Shinan Ui project.
Hanwha Ocean said the investment is aimed at strengthening its offshore wind EPC and installation capabilities and supporting the development of South Korea’s offshore wind supply chain.