The Saemangeum Development and Investment Agency (SDIA) announced on January 5 that it would sign a memorandum of agreement (MOA) with special purpose company (SPC) called Saemangeum Offshore Wind Ltd. at the Best Western Hotel in Saemangeum on the 6th for the offshore wind power project, along with North Jeolla Province, Gunsan City, Korea Rural Community Corporation (KRC), Kunsan National University and Jeonbuk Technopark. The project had been pushed ahead from 2009 but it was finally halted due to environmental and radar interference issues.
The SPC consists of KEPCO KPS and Mirae Asset. The project is valued at 440 billion won (US$367.74 million) and will be entirely provided by private capital. The construction will begin in April and complete at the second half of 2018.
There will be a total of 28 turbines, including 24 turbines with a capacity of 3.5 MW and four turbines with a capacity of 3 to 3.2 MW in the offshore wind power plant complex. With the investment of 40 billion won (US$33.43 million), a wind power equipment factory with a total floor surface of 33,000 square meters will be built as well.
The SDIA expects that the complex will be able to supply electricity to 62,000 households a year and create 6,500 jobs directly and indirectly.
Lee Byeong-guk, commissioner of the SDIA, said, “Saemangeum is an ideal location for new renewable energy projects, including wind power. As key infrastructure has been recently establishing in earnest and investment conditions are improving, we will foster Saemangeum as a mecca for new renewable energy, such as wind power and solar power.”