Woori Bank Provides Financial Support to Jeonbuk Offshore Wind Power Industry... "Establishes Partnership"

MOU Signed with Jeonbuk Special Self-Governing Province and Gochang County

Aiming to Revitalize the Regional Economy

Woori Bank is providing productive financial support to the offshore wind power industry in Jeollabuk-do.

At the signing ceremony for the "Jeonbuk Special Self-Governing Province Productive Financial Support for Regional Industry Development Agreement (MOU)" held at the Jeonbuk Special Self-Governing Province Office 6 days ago, Heejong Oh, CEO of Dongchon Wind Power (from the left), Deokseob Shim, Mayor of Gochang County, Wontak Lee, Governor of Jeonbuk Special Self-Governing Province, Youngchul Ko, President of the National Credit Union Federation, and Myungsoo Lee, Head of IB Group at Woori Bank, are posing for a commemorative photo. Woori Bank

On August 7, Woori Bank announced that on the previous day, it had signed a "Jeonbuk Special Self-Governing Province Productive Financial Support Regional Industry Development Agreement (MOU)" at the Jeonbuk Special Self-Governing Province Office, together with Jeonbuk Special Self-Governing Province, Gochang County, the National Credit Union Federation, and Dongchon Wind Power, among others.

This agreement will support the construction of infrastructure for the Gochang Offshore Wind Power project, with a total project cost of 400 billion won. The aim is to revitalize the regional economy. The main focus of the Gochang Offshore Wind Power project is to build and operate a 76.2MW offshore wind farm in the public waters area of Gochang County, Jeollabuk-do. The electricity produced will be supplied directly and indirectly to cutting-edge strategic industries in Jeonbuk, such as the Physical Artificial Intelligence (AI) Valley, the Robot Manufacturing Parts Cluster, and the Mobility Cluster.

Woori Bank will be responsible for the largest share of funding among participating financial institutions by combining loans with investments from its own "Woori Regional Development Infrastructure Fund." In particular, considering the nature of infrastructure projects, Woori Bank plans to provide financial support throughout all stages of the project—from the initial licensing phase and feasibility review to project financing (PF) procurement and construction commencement.

Wang Jeyon, Deputy Head of the Infrastructure Finance Department at Woori Bank, stated, "Following last month's opening of the 'Jeonbuk Innovation City Woori WON Financial Town,' we have established a strong partnership with Jeonbuk-do based on our competitiveness in renewable energy financial arrangement."

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