South Korea plans to build a KRW48.5 trillion ($43.2 billion) offshore wind power project in Sinan of south Jeolla, according to South Korea’s president Moon Jae-in.
The 8.2 gigawatt (GW) project is reported seven times larger than the current biggest plant of the same type. It is reported that the generation capability of 8.2GW is equivalent to six new nuclear power stations.
According to Reuters, the project is a part of South Korea’s Green New Deal. The project could provide 5,600 jobs and help South Korea to reach a wind power generation capacity of 16.5GW by 2030 from 1.67GW now.
Energy expert George Varma of Pinsent Masons, the law firm behind Out-Law, said: “South Korea continues to make impressive strides in its energy transition with this significant investment in developing its offshore wind capabilities. This investment will not only assist with the country's carbon emission reductions, but it is also likely to assist with its hydrogen ambitions as this type of large-scale renewable power generation will be critical to making the economics of large-scale hydrogen production possible."
"In light of the likely high levels of domestic hydrogen consumption in the future, developing offshore wind projects of this calibre will pave the way for South Korea’s energy plans," he said.
South Korea’s government launched the Korean New Deal last year including Digital New Deal and Green New Deal policies and an investment of KRW160 trillion ($144bn).
