en.Wedoany.com Reported - On July 17, South Korea commenced construction of the Sinan-Ui offshore wind power project in the waters off Sinan County, South Jeolla Province. The offshore wind project has a planned capacity of 390MW, with a total investment estimated at approximately 3.4 trillion Korean won, all funded by domestic capital, making it one of the offshore wind power projects in South Korea financed through local funding.

The Sinan-Ui offshore wind project is scheduled to commence operations in January 2029, located in the southwestern waters of South Korea. The project's equity structure includes the Future Energy Fund, established by the government and major domestic financial institutions, holding a 40% stake, Hanwha Ocean holding 26%, Korea Midland Power holding 19%, SK Eternix holding 10%, and Hyundai Engineering and Construction holding 5%. Of the total project investment, approximately 2.89 trillion Korean won comes from debt financing, and 510 billion Korean won from equity capital, with part of the funds raised through the National Growth Fund and the Future Energy Fund.

The offshore wind project plans to install 26 units of 15MW-class wind turbines, supplied by Vestas. This also marks a significant application of 15MW-class turbines in South Korea's offshore wind power projects. Once completed, the project is expected to generate approximately 1062 GWh of electricity annually, meeting the power needs of about 300,000 local households. Following the start of construction of the Sinan-Ui offshore wind project, the subsequent focus will be on offshore foundation construction, turbine manufacturing and delivery, submarine cable laying, grid connection systems, and long-term operation and maintenance arrangements.