The South Korean government on Friday signed a private-public partnership deal with a group of business heavyweights to build the world's largest offshore wind farm.
The $43.2 billion (KRW48.5 trillion) wind farm project located off the southwestern coastal town of Sinan in South Jeolla Province will generate a maximum capacity of 8.2 gigawatts when it comes online in 2030.
The wind farm's capacity is equivalent to the output of some eight nuclear reactors. It will also prevent the emission into the atmosphere of more than 10 million tons of carbon dioxide per year, according to a statement from the Blue House (Cheongwadae), the executive office of the South Korean president.
The massive output of the Sinan wind farm will be equivalent to the combined capacity of the world's 11 largest operational wind farms. The world's largest wind farm is the Hornsea installation with a current generating capacity of 1.22GW.
This facility is located in the North Sea 120 km off the east coast of Scotland. Future upgrades will bring Hornsea's total capacity to 6GW.
South Korean President Moon Jae-in, who attended the signing ceremony at Sinan on Friday, said his government won't hesitate to support the project that will create the world's biggest offshore wind power generation complex.
He said the Sinan wind farm supports his government's vision of transforming South Korea into one of the world's top five wind farm powerhouses. China, the United Kingdom, India, and the United States are currently world leaders in wind farm capacity.
"We are now moving more actively toward carbon neutrality, accelerating the transition to eco-friendly energy," said Moon in referring to South Korea's goal of becoming carbon neutral by 2050.
"The government will provide every necessary support under the goal of making (South Korea) one of the world's top five offshore wind powerhouses by 2030."
Moon also said South Korea "is accelerating the eco-friendly energy transition and moving more vigorously toward carbon neutrality," with the project. He vowed administrative measures to shorten a period of preparations for groundbreaking and will introduce special legislation for "one-stop support."
Leading the Sinan wind farm project are Korea Electric Power Corporation, SK ES Company, Hanwha Engineering & Construction Corporation, Doosan Heavy Industries & Construction Co., CS Wind Corporation, and Samkang M&T Co.
The companies will provide $42.6 billion (KRW47.6 trillion) of the required funding while the government will see to the remaining $805 million (KRW0.9 trillion).
The project is expected to create as many as 120,000 jobs and is being described by local residents as a win-win accord based on a "great social compromise."
