"Expanding the Renewable Energy Market"... Korea Southern Power Unveils 11.2GW Investment Roadmap Through 2040

First Investment Briefing by a Public Corporation Unveils Extensive Offshore Wind, Solar, and ESS Projects
Kim Jundong: "For Renewable Energy Projects, Finance, Business, and Technology Must Go Hand in Hand"
52 Projects in the Pipeline Including 2GW Shinan Offshore Wind and 400MW Jangheung Agrivoltaic Solar

Kim Jundong, President of Korea Southern Power, is giving a greeting speech at the renewable energy investment briefing held at the Korea Chamber of Commerce and Industry on the 28th. Korea Southern Power.

Kim Jundong, President of Korea Southern Power, stated on the 28th, "The expansion of renewable energy is a key task for achieving carbon neutrality and for the nation's energy transition," adding, "We will mobilize the capabilities of both the public and private sectors to vitalize the renewable energy industry ecosystem."

President Kim expressed these ambitions at the renewable energy investment briefing held at the Korea Chamber of Commerce and Industry in Seoul on the same day. The briefing was attended by more than 190 stakeholders in the renewable energy sector, including domestic and international financial institutions, developers, equipment suppliers, and technology companies.

Korea Southern Power's decision to hold such a large-scale renewable energy investment briefing, which is unusual for a public company, is in line with the government's policy to expand renewable energy. As the Ministry of Climate, Energy and Environment recently formalized the goal of "100GW of renewable energy by 2030," the power generation public enterprise directly invited private financial institutions, developers, and equipment suppliers to present its investment roadmap for renewable energy projects and to promote supply chain development.

At the event, Korea Southern Power announced its plan to deploy a cumulative total of 3.4GW of renewable energy facilities over the next five years, and to expand to a total of 11.2GW by 2040. The company plans to focus on offshore wind, solar power, and energy storage systems (ESS), and ultimately shift its portfolio to be centered on offshore wind in the long term.

In particular, Korea Southern Power has restructured its organization to be centered on renewables, elevating its former development division to the "Renewable Energy Headquarters." Lee Kwangsu, Head of Renewable Energy at Korea Southern Power, explained, "We are currently focused on developing a total of 31 projects, including offshore wind, onshore wind, solar power, and ESS, to reach 3.4GW by 2030," adding, "By 2040, we aim to expand our total renewable energy facilities to 11.2GW."

Korea Southern Power currently has a pipeline of 52 projects. Among these, 15 are scheduled to start or complete construction within the next five years. Notably, the Yeonggwang Yawol Offshore Wind Power project (104MW) is scheduled to begin construction in September this year, while the Busan Dadaepo Offshore Wind Power project (99MW) is aiming to begin construction in the first half of next year. The Shinan Blue Offshore Wind Power project, with a total capacity of 2GW, is the largest offshore wind project in Korea. Korea Southern Power plans to develop this as five separate complexes, each with a capacity of 400MW.

Onshore wind projects are also being expanded. The Samcheok Cheongbo Wind Power project, at 138MW, is being promoted as the largest onshore wind complex in Korea, while the Gangneung Wind Power, Samcheok Yukbaeksan Wind Power, and Hongcheon Wind Power projects are also preparing to begin construction sequentially.

In the solar power sector, the Jangheung Yeomi Agricultural Solar Project (400MW) and the Asanho Floating Solar Project (500MW) are key initiatives. The Jangheung project is being promoted as the largest agrivoltaic solar project in Korea and will be developed as a resident-participation integrated complex. The Asanho Floating Solar Project is the largest floating solar power project to date.

The company is also aggressively expanding its ESS business. Korea Southern Power has secured a 425MW ESS project through Korea Power Exchange bidding. Projects in the Jindo, Goheung, and Gwangyang regions commenced construction this year, and an additional second-phase project with a capacity of 162MW is also being pursued.

On the same day, Korea Southern Power signed a series of memorandums of understanding (MOUs) with companies in finance, development, and technology. In the financial sector, the company agreed to expand project financing (PF) cooperation with KB Kookmin Bank, IBK Industrial Bank of Korea, Shinhan Bank, Woori Bank, and Hana Bank. It will also pursue investment advisory and joint business development partnerships with Koramco Asset Management and Alpha Asset Management.

With Doosan Enerbility, Korea Southern Power signed agreements to supply main equipment and strengthen the domestic supply chain for the Yeonggwang Yawol and Busan Dadaepo offshore wind projects. The aim is to foster the domestic equipment industry by establishing a homegrown offshore wind supply chain.

In the technology sector, Korea Southern Power is working with the Korea Institute of Materials Science and Solis Jangheung to demonstrate "window solar film," a next-generation solar technology attached in film form to existing building windows, which can also improve heating and cooling efficiency. Lee Kwangsu, Head of Renewable Energy, explained, "Compared to conventional silicon-based BIPV, it is easier to install and delivers greater energy savings."

The government is also accelerating the expansion of renewable energy. At the event, Heo Jeongmin, Deputy Director of the Renewable Energy Policy Division at the Ministry of Climate, Energy and Environment, stated, "Renewable energy has now become the main power source for energy security, going beyond just responding to the climate crisis," adding, "We aim to achieve 100GW by 2030 and more than 30% share of power generation by 2035."

President Kim stated, "Korea Southern Power will play a leading role in the renewable energy sector going forward," and added, "We will do our utmost to ensure that Korea's renewable energy sector becomes globally competitive."

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