Groundbreaking for 390MW Shinan Ui Offshore Wind Power Project in Korea... Hanwha Ocean Sets Sail to Build Supply Chain

Hanwha Ocean (CEO: Heecheul Kim) has begun the construction of the Shinan Ui Offshore Wind Power Project, regarded as one of South Korea's leading offshore wind projects, accelerating the development of the domestic offshore wind power industry ecosystem.

On July 16, Hanwha Ocean held a groundbreaking ceremony for the "Shinan Ui Offshore Wind Power Project" in Shinan County, Jeollanam-do, announcing the official start of construction.

The Shinan Ui Offshore Wind Power Project aims to build a 390MW offshore wind farm in line with the government's renewable energy expansion policy and offshore wind industry development strategies. The project will be developed in waters near Uido-ri, Dochomyeon, Shinan County, Jeollanam-do, with completion targeted for 2029.

This project has been selected as the first investment for the National Growth Fund and the Future Energy Fund. A key feature is its focus on domestic sourcing of major equipment—excluding turbines—through a local supply chain, and the completion of project financing using only domestic capital.

Upon completion, the project is expected to ensure stable power supply for local industrial complexes, revitalize the regional economy, create jobs, and contribute to building a domestic offshore wind industry ecosystem.

Hanwha Ocean held a groundbreaking ceremony for the "Shinan Ui Offshore Wind Power Project" on the 16th in Shinan County, Jeollanam-do.
[Image source=Hanwha Ocean]

The project includes participation from Korea Midland Power and Hyundai Engineering & Construction, with the support of the Ministry of Climate Energy and Environment. Korea Midland Power will operate the wind farm and provide electricity supply for 25 years after completion, while Hyundai Engineering & Construction will join Hanwha Ocean as an EPC contractor for design, procurement, and construction.

Hanwha Ocean is leading the project as both the overall developer—overseeing project planning, permitting, and investment attraction—and the EPC lead contractor. The company is also investing approximately 800 billion won to construct a next-generation Wind Turbine Installation Vessel (WTIV), which is planned for deployment in the Shinan Ui Offshore Wind Power Project.

Through this initiative, Hanwha Ocean aims to enhance its capabilities in offshore wind EPC and turbine installation, as well as to bolster the domestic offshore wind supply chain and its capacity to execute large-scale projects.

A Hanwha Ocean representative stated, "The Shinan Ui Offshore Wind Power Project is crucial for strengthening the competitiveness of South Korea’s offshore wind power industry based on domestic technology and supply chains. We will continue to foster the ecosystem for the domestic offshore wind industry, contribute to energy transition, and consistently pursue new growth opportunities in the global offshore wind market."

The groundbreaking ceremony was attended by Sung-hwan Kim, Minister of Climate Energy and Environment, Hyungbae Min, Special Mayor of the Integrated Jeonnam-Gwangju Metropolitan Government, Taesung Kim, Mayor of Shinan County, Jaekak Lee, Mayor of Jindo County, as well as representatives from the Financial Services Commission, financial institutions, and major shareholders, all wishing for the project's success.

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