Jeonnam Development Corporation and Kwanglim to accelerate 800 billion won “Future of Yeonggwang” offshore wind power project

【Financial News, Muan = Hwang Tae-jong】Jeonnam Development Corporation and Kwanglim Co., Ltd. are stepping up efforts to advance the 160-MW-class “Future of Yeonggwang” offshore wind power project, which is being pursued in waters near Yeonggwang County and has a total project cost of approximately 800 billion won.
 Jeonnam Development Corporation said on the 21st that it had signed a Memorandum of Agreement (MOA) with Kwanglim Co., Ltd. that day to cooperate on the joint development of the “Future of Yeonggwang” offshore wind power project and ensure its smooth implementation.
 The MOA builds on a memorandum of understanding (MOU) on joint development signed last August. It aims to make the two organizations’ cooperative relationship more concrete and establish basic principles for future participation in joint development and project implementation.
 “The significance of this MOA is that, building on the existing MOU, it further clarifies the cooperative relationship between the two organizations and lays the groundwork for future joint development,” Jeonnam Development Corporation President Jang Chung-mo said. “We will work to ensure construction can begin at an early date.”
 Jeonnam Development Corporation is pursuing large-scale offshore wind power projects, including those in Wando (400 MW) and Shinan (323 MW).
 In particular, it operates the 4.3-MW Yeonggwang Yaksu Offshore Wind Farm, the first to begin commercial operations under a local public corporation. It is also continually expanding its renewable energy business into areas including onshore wind and solar power generation, as well as long-duration energy storage system (ESS) projects.
 Through the MOA, the two organizations plan to continue working together on cooperation to ensure the smooth implementation of the offshore wind power project; permits and consultations with relevant agencies; exploring the possibility of attracting and linking the project with a national offshore wind demonstration project; and discussions on future joint development and ways to participate in the project.
 They also plan to strengthen mutual cooperation as the project progresses and hold step-by-step discussions on future participation in joint development and specific plans for implementing the project.
 In addition, they plan to continue assessing the possibility of attracting a national demonstration project for domestically made, 20-MW-class offshore wind turbines linked to the “Future of Yeonggwang” offshore wind power project, and to pursue cooperation to strengthen the competitiveness of Korea’s offshore wind technology and boost regional industries.

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