'Dongchon Offshore Wind' Selected as Woori Financial Group's First Regional Infrastructure Fund Project

Completion Targeted for 2028
Power Generation to Supply 30,000 Households

Jeonbuk Special Self-Governing Province has partnered with Gochang County and financial institutions to establish a stable foundation for the province's first privately-led, mid-scale offshore wind project, "Dongchon Offshore Wind."

The project has been selected as the first undertaking of Woori Financial Group's Regional Infrastructure Fund, signaling a green light for securing KRW 360 billion in project financing. Additionally, the initiative includes a resident-participatory profit-sharing model, raising expectations for mutual growth within the local community.

On the 6th, Jeonbuk Special Self-Governing Province held a 'Business Agreement for Regional Industry Development Utilizing Productive Financial Support' at the provincial government conference room, attended by Lee Wontak, Governor of Jeonbuk Province; Sim Deokseop, Mayor of Gochang County; Ko Youngchul, President of the National Credit Union Federation of Korea; Lee Myungsoo, Head of the IB Group at Woori Bank; and Oh Heeseong, CEO of Dongchon Wind Power. Provided by Jeonbuk Provincial Government

On August 6, Jeonbuk Province signed a "Business Agreement to Promote Regional Industry Development Utilizing Productive Financial Support" at the provincial government office. Attendees included Lee Wontak, Governor of Jeonbuk Province; Shim Deoksup, Mayor of Gochang County; Ko Youngchul, Chairman of the National Credit Union Federation of Korea; Lee Myungsoo, Head of the IB Group at Woori Bank; and Oh Heejong, CEO of Dongchon Wind Power.

This agreement focuses on fostering the regional renewable energy industry by linking private sector funds from financial institutions to the offshore wind project, establishing a collaborative system that also aims to attract RE100 companies and revitalize the local economy.

The Dongchon Offshore Wind project will be built in the coastal waters of Yongjeong-ri, Sangha-myeon, Gochang County, with a capacity of 76.2 MW (using twelve 6MW-class wind turbines). Construction is planned to start in 2026, aiming for completion in 2028.

Once the wind farm is completed, it will produce 163 GWh of electricity annually, supplying energy for around 30,000 households. It is expected to reduce greenhouse gases by about 70,000 tons per year, equivalent to planting 510,000 pine trees.

Under the agreement, Jeonbuk Province and Gochang County will provide administrative support for project implementation, attract RE100 companies, and identify new business opportunities. The National Credit Union Federation of Korea and Woori Bank will provide financial support to stimulate the local economy. Dongchon Wind Power, the project operator, will lead the Gochang Offshore Wind Project as the first venture of the regional infrastructure fund.

Gochang County will secure KRW 6 billion in power generation business subsidies, and through the resident-participatory profit-sharing approach, approximately KRW 20 billion in profits are expected to be returned to local residents over the next 20 years.

Notably, Dongchon Offshore Wind has been selected as the first project supported by Woori Financial Group's regional infrastructure fund nationwide, earning recognition for presenting a new model of private financial participation in local energy infrastructure investment. Jeonbuk Province plans to accelerate the creation of an offshore wind industry ecosystem by attracting wind power equipment companies and supporting port infrastructure, in addition to pursuing other large-scale projects in the southwestern region and Gunsan.

Lee Wontak, Governor of Jeonbuk Province, stated, "This agreement will serve as an opportunity to connect Gochang's wind resources with regional development. We will continue to provide administrative support so that Dongchon Offshore Wind can serve as a model for mutual prosperity, and we are committed to fostering the offshore wind industry ecosystem by attracting wind power equipment manufacturers and supporting infrastructure."

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