To build the wind farm, Samsung Heavy will construct 14 wind turbines with a capacity of 7 megawatts by the end of 2014 in shallow waters off the coast of the island’s Daejeong County.
Commercial operations of those wind power plants will start in 2015.
“The power farm on Jeju Island will be the nation’s first offshore wind power complex and its commercial operations will help the company build market leadership in the global wind power plant construction market,” the company said.
If the construction project goes smoothly, DOWP will double the size of the complex, which will give Samsung Heavy a chance to win additional orders.
Samsung Heavy Industries has won a construction order for an 84 megawatt offshore wind farm from Daejeong Offshore Wind Power Co.
Samsung Heavy invested in the offshore wind energy market by setting up DOWP, a special purpose company, with state-run power provider Korea Southern Power Co. last month.
Samsung Heavy holds a 60.05 percent stake in DOWP. The company targets the European wind power market, which is expected to grow up to 33 trillion won ($30 billion) by 2020.