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Back You are here: Home Business Asia South Korea to build $9 billion offshore wind farm by 2019


South Korea to build $9 billion offshore wind farm by 2019

South Korea's Korea Electric Power Corporation will build a $9 billion, 2.5-gigawatt offshore wind farm off the southwest coast of the Korean peninsula by 2019, the Ministry of Knowledge Economy said in a statement.

According to the ministry, the 51-percent government-owned Kepco will be buying wind turbines from eight local suppliers including Doosan Heavy Industries and Construction, Daewoo Shipbuilding and Marine Engineering, and Hyundai Heavy Industries.

The wind farm project will be built in three phases, beginning with a $355-million demonstration project by 2014 which will consist of turbines having the capacity of between 3 and 7 megawatts.

The second phase 400-MW demonstration project will have an investment of $1.42 billion by 2016. To complete the third phase is a $7.26-billion investment to build a 2-GW wind farm by 2019.

South Korea's annual average household energy use is 4,730 kilowatt-hours. Overall energy generation from the project is expected to meet the energy demand of 5.56 million people, or 10 percent of the country's population. – Jhoanna Frances S. Valdez

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