'Nakwol Offshore Wind Power Investor' Thailand's Bigrim Power: "Chinese Capital Rumors Are False... 30% of Excess Profits Will Be Returned to Society"

Bigrim Power and Myungwoon Industrial Development Hold First Press Conference
Actively Addressing Rumors of Chinese Capital: "Funding Secured from Thai Financial Institutions"
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Paradach Patanachan, CEO of Bigrim Power Korea, is speaking at a press conference held on the 4th at the Chosun Palace Gangnam Hotel. Photo by Hee-Jong Kang

"My late father was a Korean War veteran. I hope you can recognize my sincerity on his behalf."

At a press conference held on April 4 at the Chosun Palace Gangnam Hotel in Yeoksam-dong, Seoul, Paradach Patanachan, CEO of Bigrim Power Korea, repeatedly mentioned his father and emphasized his connection to Korea.

Bigrim Power Korea is the second-largest shareholder, holding a 49% stake in Nakwol Blue Heart, the operator of the Nakwol Offshore Wind Power Project. The largest shareholder of Nakwol Blue Heart is Myungwoon Industrial Development.

The Nakwol Offshore Wind Power Project is the largest offshore wind power project in Korea, currently being promoted off the coast of Yeonggwang, South Jeolla Province. The project has a generation capacity of 365MW and a total project cost of 2.3 trillion won.

From the beginning, there have been persistent rumors linking the Nakwol Offshore Wind Power Project to China. The turbines used are from the German company Vensys, which was acquired by China’s Goldwind in 2008, and the external cables come from China’s Hengtong Optic-Electric. This has led some to raise suspicions that Bigrim Power is, in fact, a Chinese company.

This press conference was held to address these suspicions and to share the current status of the Nakwol Offshore Wind Power Project.

With the project’s construction progress surpassing 70%, Kim Kanghak, Chairman of Myungwoon Industrial Development, was recently appointed as Chairman of the Korea Wind Energy Industry Association at the end of last month, signaling a proactive response to the issues at hand.

Bigrim Power and Myungwoon Industrial Development are refuting rumors of Chinese capital at a press conference held at Chosun Palace Gangnam Hotel on the 4th. Photo by Heejong Kang

In response to suspicions that Chinese capital may have been indirectly invested, Bigrim Power stated that these claims are "100% false." Excluding its own treasury stock (33.73%), the largest shareholder of Bigrim Power is Harald Link, a German-Thai national, with a 24.45% stake. Bigrim Power also explained, "The board consists of 10 directors, including 5 outside directors, most of whom are Thai nationals."

The construction funds for the Nakwol Offshore Wind Power Project are also being raised from Thai financial institutions. Myungwoon Industrial Development stated, "Based on Bigrim’s credit, we are securing construction funds by obtaining letters of credit (LC) from Thai banks," adding, "After completion, we plan to refinance through a project financing (PF) structure."

Bigrim Power has also lent 206 billion won to Nakwol Blue Heart, the project operator. Bigrim Power stated, "We plan to convert this loan into equity in the future," and added, "Even after the conversion, the share ratio will remain unchanged," as Myungwoon Industrial Development also plans to acquire additional shares in the same proportion.

Myungwoon Industrial Development and Bigream Power are explaining the Nakwol Offshore Wind Power Project at a press conference held on the 4th at Chosun Palace Gangnam Hotel. Photo by Heejong Kang

While the capital for the Nakwol Offshore Wind Power Project comes from Thailand, some Chinese companies are involved in the construction process.

The engineering, procurement, and construction (EPC) work is being carried out by a consortium of Hoban Blue Energy and China Energy Engineering Corporation (CEEC), a Chinese state-owned enterprise. Myungwoon Industrial Development explained, "There is no company in Korea with experience constructing large-scale offshore wind farms of 300MW or more, which is why China CEEC is participating," adding, "Through this collaboration, we are accumulating technology and experience in large-scale offshore wind power projects." Previously, the largest offshore wind power project in Korea was 100MW in scale.

The largest shareholder of Hoban Blue Energy is Infinity Solar Power, a Thai company. Infinity Solar Power is primarily owned by Dr. Thaweesak Unprasert, a well-known dentist in Thailand. Myungwoon Industrial Development explained, "No domestic company was willing to take responsibility for completion, which is why a Thai businessman stepped in."

Although Thai capital and Chinese firms are participating, Myungwoon Industrial Development emphasized that most of the benefits from the Nakwol Offshore Wind Power Project are flowing back to Korea.

According to the company, domestically produced equipment accounts for 70% of the project, including towers (CS Wind), transition pieces (Sam-Il C&S), monopiles (GS Entec), steel plates (POSCO), and internal cables (Taihan Cable), which contributes to the development of the domestic supply chain. Korean companies are also participating in both the offshore construction (Samhae ENC) and onshore construction (Hoban Industry).

Kim Kanghak, Chairman of Myungwoon Industrial Development, speaks at a press conference held on the 4th at Chosun Palace Gangnam Hotel. Photo by Kang Heejong

The companies are also actively engaging in social contribution activities. The share purchase agreement between Bigrim Power and the Nakwol Offshore Wind Power Project includes a clause stating that 30% of excess profits will be donated to society. Kim Kanghak, Chairman of Myungwoon Industrial Development, explained, "This provision was included at the request of Bigrim Power," adding, "Bigrim Power has a very strong commitment to social contribution activities."

Bigrim Power has also expressed its intention to support Unison, the domestic wind turbine company recently acquired by Myungwoon Industrial Development. CEO Paradach stated, "There will come a day when Unison’s technology and brand value are recognized worldwide," and added, "We will spare no support for Myungwoon Industrial Development and Unison."

There are also expectations that Unison may participate in Bigrim Power’s overseas wind power projects in the future. Bigrim Power currently has generation facilities with a total capacity of 4.2GW in 15 countries and aims to expand its renewable energy and generation facilities to 10GW by 2030.

This content was produced with the assistance of AI translation services.