Busan Dadaepo Offshore Wind Project in South Korea Advances Construction Preparation for 99 MW Project

en.Wedoany.com Reported - On November 5, Busan Offshore Wind Power Development Co., Ltd. presented the latest construction arrangements for the Dadaepo Offshore Wind Project in Saha District, Busan, and is advancing construction preparation for an offshore wind farm with a total installed capacity of 99 MW. The project plans to install 10 Doosan Enerbility offshore wind turbines with a unit capacity of 9.9 MW, with a total investment of approximately KRW 770 billion. It targets construction commencement in May 2027 and commercial operation in 2030, and is currently in the stages of final permitting, engineering contractor selection, and financing preparation.

The Dadaepo project is located in waters approximately 3 to 5 kilometers off Dadaepo Port in Saha District, Busan, and adopts a fixed-bottom offshore wind turbine foundation solution. According to technical materials published by the project developer, the average wind speed at the site is approximately 7.5 m/s, and the estimated annual power generation is approximately 260,200 MWh. Korea Southern Power Co., Ltd. previously disclosed that the project will use 9.9 MW-class domestically developed offshore wind turbines developed by Doosan Enerbility, and that turbine equipment supply and subsequent offshore installation works will constitute major components of project construction.

The project developer is advancing the final stage of permitting procedures, including military operational suitability review and permits for occupation and use of public waters. The project previously completed an offshore traffic safety assessment in February 2023 and completed a marine area utilization impact assessment in July 2025. The developer plans to complete the remaining approval procedures required for construction commencement in early 2027, and subsequently launch offshore construction and equipment installation works.

Engineering procurement and project financing are being advanced in parallel. The developer is selecting an engineering, procurement, construction and installation (EPCI) general contractor and plans to complete the relevant contractual arrangements by the end of March 2027. Shinhan Bank and Hana Bank of South Korea jointly serve as mandated lead arrangers for the project financing, each responsible for a 50% share of the financing arrangement. The project plans to complete financial close in the first half of 2027, and Korea Southern Power Co., Ltd. intends to hold a 40% to 60% equity stake in the project and become the major investor.

The Dadaepo project has secured qualification as a winning bidder in South Korea's public-led offshore wind fixed-price contract competitive tender. According to a notice published by Korea Southern Power Co., Ltd. on October 15, 2026, the company has coordinated with the Busan Metropolitan City government on project administrative approvals and continues to advance permitting consultations with the defense authorities. Under the existing cooperation arrangements between the two parties, Korea Southern Power Co., Ltd. plans to undertake 25 years of operation and maintenance work after the project enters commercial operation.

The project developer previously also established a cooperation mechanism with fishery organizations in the Busan area. In December 2024, the developer signed cooperation agreements with the Busan City Fisheries Cooperative and 17 fishing village organizations to promote coordination of fishery activities and local community participation. The latest implementation arrangements presented by the development company in November 2026 continue to prioritize resident consultation, engineering permits, and construction organization as key tasks before project commencement.