South Korea's Pacifico Energy Plans Over $1 Billion Investment to Advance 2.79GW Offshore Wind Projects

en.Wedoany.com Reported - On September 4, Pacifico Energy Korea submitted an investment declaration exceeding $1 billion to South Korea's Ministry of Trade, Industry and Energy, with funds earmarked for advancing the 990MW Manho Offshore Wind Project and the 1.8GW Jindo Baram Offshore Wind Project. Both projects are part of the 3.2GW Jindo Offshore Wind Cluster being developed by Pacifico Energy in the waters off Jindo County, South Jeolla Province. The investment declaration was submitted during an investment event held in Washington, D.C., on September 3.

The Jindo Offshore Wind Cluster consists of three components: the 420MW Myeong Ryang, 990MW Manho, and 1.8GW Jindo Baram. Among these, Myeong Ryang is the Phase 1 project, which obtained its electricity business license in September 2025 and completed the initial environmental impact assessment in March 2026. The new investment of over $1 billion primarily covers the subsequent Manho and Jindo Baram projects.

Manho and Jindo Baram together also constitute the 2.13GW Jindo Phase 2 Integrated Offshore Wind Cluster designated by the South Korean government. In August 2026, Pacifico Energy Korea was confirmed as the sole developer of this integrated cluster. Both projects have currently submitted applications for electricity business licenses and are under review. Going forward, the projects will need to continue advancing permitting, grid connection, financing, supply chain implementation, and construction preparation.

Pacifico Energy has been developing the Jindo Offshore Wind Cluster since 2019 and has continuously strengthened South Korea's local supply chain. In July 2026, the company signed memoranda of understanding with foundation manufacturer EEW KHPC, offshore logistics and vessel operator KMC Line, and foundation component supplier CS Energy to establish a localized supply system for the 3.2GW cluster. Earlier, in June, the company also signed cooperation agreements with Hana Bank and Hana Securities to explore financing solutions for the project development, construction, and operation phases.

Located in the southwestern coastal region of South Korea, the cluster is positioned by Pacifico Energy as a key clean energy project supporting the growing electricity demand of South Korea's advanced manufacturing sector. The company specifically noted that with the continued expansion of South Korea's semiconductor, AI data center, and cloud computing infrastructure, a stable supply of large-scale clean electricity is becoming an important supporting condition for the development of these industries. This new investment declaration signals that the Jindo cluster has transitioned from early-stage development to a phase where permitting, financing, and supply chain efforts are advancing in parallel.