SK E&S, CIP reach financial close for 99 MW offshore wind project in Korea

Construction of the wind farm is expected to be completed by the end of 2024.

South Korea-based clean energy provider SK E&S and Copenhagen Infrastructure Partners (CIP) have accomplished a financial close for the 99-megawatt (MW) Jeonnam 1 offshore wind project.

Located off the coast of Shinan County, Jeonnam Province, southwest of Korea, The 99 MW offshore wind farm will be the first South Korean commercial-scale offshore wind farm. It is a 51-49 joint venture between SK E&S and Copenhagen Offshore Partners, the exclusive partner and developer for offshore wind projects for CIP.

The wind farm project is expected to start its operations by 2024, CIP said in a statement.

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Apart from Jeonnam 1, both units are also developing offshore wind projects, Jeonnam 2 and Jeonnam 3, efficient of carrying an 800MW capacity. They, along with Jeonnam 1, will serve Korea’s goals of achieving 14.3 gigawatts of offshore wind power by 2030, with utility KEMCO agreeing to connect the wind farm to the grid by 2024.

Daniel Yun, CEO of Jeonnam 1, said the project will provide clean energy to around 60,000 households in South Korea.