Under the ₩ 9.2 trillion ($8.2 billion) project, companies such as Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering plan to build 500 turbines, the Knowledge Economy Ministry said in a statement.
The wind farm, to be built near the south western counties of Buan and Yeonggwang, will generate about 2,500 MW of electricity, it said.
"Basically, the scheme is composed of three phases,” said MKE director general Kang Nam-hoon in an interview with the Korea Times. “By 2013, we will have raised 20 5-megawatt turbines and add 180 by 2016 and 300 more by 2019."
“On the back of the mega-sized project, we strive to pre-empt the ever-growing global green market and become one of the three powerhouses in the offshore wind power generation,’’ he added.
The government will coordinate the project and provide ₩ 29 billion, while private investors will finance the rest.
Major South Korean shipbuilders and heavy machinery makers such as Samsung Heavy Industries and STX Heavy Industries are scrambling to enter the lucrative global wind power market.
The Ministry believes the track record the project will provide these companies in terms of building and operating wind farms will help boost exports of their products.
"Many domestic companies are working on large-sized wind turbines. Offshore wind power generation has a shot at becoming the country’s future cash cow when it becomes mainstream technology," Kang said.
For additional information:
____________________________________________________________________________________________________
