The $8.2 billion project, which involves building 500 turbines, will be developed by companies such as Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering.
The entire range of turbines, located near the south western counties of Buan and Yeonggwang, will generate about 2,500 megawatts of clean electricity and will be ready by the end of 2019.
The South Korean government is the investor of the project, contributing with 29 billion won, while the remaining sum is provided by private investors. The project is also aimed at helping important South Korean shipbuilders, such as Samsung Heavy Industries and STX Heavy Industries and promote them globally.
The Knowledge Economy Ministry estimates that current offshore wind farm projects would produce 153.9 gigawatts of electricity, stating that these companies “need a track record to build and operate wind farms to export their products. Plus, considering the small size of our land, offshore wind farms, with less environmental damage and fewer potential complaints from residents, are far more promising sources of energy than onshore wind farms”.
The action comes as a move to limit South Korea’s dependence on imported fossil fuels that make up for a total of 97 percent of its energy needs. Therefore, the country is hoping at an economic growth based on green energy technologies and plans to invest $36 billion in the industry.