Danish fund manager Copenhagen Infrastructure Partners (CIP) and its South Korean joint venture partner SK E&S have reached a financial close on the Jeonnam 1 offshore wind project in Korea.
The 99 MW offshore wind farm will be located off the coast of Shinan County, Jeonnam Province, in the southwest of Korea, with construction completion expected by the end of 2024.
Jeonnam Offshore Wind Power was founded in 2020 as a 51-49 jv between SK E&S and Copenhagen Infrastructure Partners (CIP) and the project is expected to become the first Korean commercial-scale offshore wind farm.
SK E&S and CIP are also jointly developing Jeonnam 2 and Jeonnam 3, two offshore wind projects with a total capacity of 800 MW. Jeonnam 1, 2 and 3 will support Korea’s ambitious target of reaching some 14 GW of offshore wind power by 2030, a significant increase compared to the existing 0.1 GW installed today.
Jeonnam Offshore Wind Power obtained an electricity business license in 2017 and entered into a grid connection agreement with the state-owned utility KEPCO, allowing the project to connect to the grid in 2024. In 2022, Jeonnam I was awarded a 20-year fixed-price offtake agreement with Korea Hydro & Nuclear Power through Korea’s first wind offtake auction.
Throughout 2022, the project also signed manufacturing and construction contracts with Korean suppliers, including Hyundai Engineering and Steel Industries, Hyundai Electric and Gaon, KT Submarine and LS Cable and System. The project will utilize Mokpo New Port as marshalling port throughout construction.
