HD Hyundai Electric, Pacifico Energy Korea, CS Wind, Korea Ocean Engineering & Consultants, and Daebul Shipbuilding signed a memorandum of understanding (MoU) to develop a 3.2 GW offshore wind project off the coast of Jindo County in South Jeolla Province. In order to effectively finish the project, the companies also committed to strengthening the system of cooperation under the MoU.Reportedly, the potential installation cost of the project can be $14 billion. Reportedly, Pacifico Energy will handle the equity investment, and Hyundai Electric will deliver offshore substation power equipment and wind turbines. Furthermore, there will be three power generation facilities that make up the wind farm. According to the company, it will have the capacity to generate enough electricity to run about three million homes.
In June 2023, Copenhagen Infrastructure Partners agreed to invest $350 million in Korean offshore wind projects. The funds will be utilised to develop GW-scale projects, and the investments will be made through CIP’s flagship funds.