US-Based Developer to Cooperate with Korea’s Hana Group on Financing 3.2 GW Offshore Wind Cluster

The Korean subsidiary of California-based Pacifico Energy has signed a memorandum of understanding (MoU) with Hana Bank and Hana Securities to develop financing solutions for its 3.2 GW Jindo offshore wind project cluster in South Korea.

The agreement covers cooperation on financing across the development, construction and operational phases of the project, including project finance, financial advisory services and attracting investment.

According to Pacifico Energy Korea, the parties will also explore financing models aimed at supporting the wider domestic offshore wind supply chain and industry ecosystem.

“This collaboration between Pacifico Energy Korea, Hana Bank, and Hana Securities is the first of its kind as it brings together Korean financial institutions and a U.S.-based offshore wind developer to jointly build the foundation for the growth of Korea’s offshore wind industry”, said Seung-Ho Choe, Representative Director of Pacifico Energy Korea.

The Jindo offshore wind cluster is being developed off the coast of Jindo County in South Jeolla Province and comprises three projects: the 420 MW Myeong Ryang Offshore Wind project, the 990 MW Manho Offshore Wind project, and the 1.8 GW Jindo Baram Offshore Wind project.

The first phase of the cluster, the 420 MW Myeong Ryang offshore wind project, secured its Electricity Business License from South Korea’s Ministry of Trade, Industry and Energy (MOTIE) in 2025.

According to Pacifico Energy Korea, geophysical surveys and the preliminary environmental impact assessment report for the first phase have since been completed, and the company has submitted applications for Electricity Business Licenses for the next two phases, with the review process currently underway.  

Last year, the developer signed an agreement with the governments of South Jeolla Province, Jindo County and Yeongam County, as well as local supplier Yuil, to support the development of the offshore wind cluster, establish regional supply chains and explore the creation of an operations and maintenance base for the project.  

In the Asia-Pacific region, Pacifico Energy has also entered the Vietnamese market, where the company was recently granted a site survey licence for a 500 MW offshore wind project in Ba Ria–Vung Tau, offshore Ho Chi Minh City.