South Korea Signs $43 Billion Deal for 'World's Biggest' Offshore Wind Farm
South Korea just signed a $43 billion deal to build what it claims will be the world's biggest offshore wind power facility in a move to achieve carbon neutrality by 2050, according to an initial report from Reuters.
South Korea just signed $43 billion deal for 'world's biggest' offshore wind farm
This deal will help South Korea overcome its inherent energy challenges — since it has few energy resources and imports coal to support roughly 40% of its electricity.
President Moon Jae-in said the relatively small nation's geographical position on the Korean peninsula provides a distinct advantage for sustainable energy rollouts.
"We have the infinite potential of offshore wind power to the sea on three sides, and we have the world's best technology in related fields," said Moon.
South Korea's new wind farm could be 'seven times bigger' than current record-holder
President Moon initially declared South Korea's carbon neutrality goal last year, and the country is also looking to reduce and phase out its nuclear power sector — which will leave the country dependent on renewable energy to fill the energy gap.
Moon supervised the signing of the new $43 billion (48 trillion-won) deal to construct a new wind farm complex off the coast of Sinan in the southwest Korean region.
Notably, Moon claims the wind farm will be seven times bigger than the world's current record-holder for the largest offshore wind farm platforms.
New offshore wind farm could take five years to begin construction
The new offshore wind farm will have a maximum capacity of 8.2 gigawatts — a power level the government intends to supplant the power of six nuclear power stations.
The new deal (no, not that one) will bring 33 different entities — including major private firms like SK E&S, Doosan Heavy Industries & Construction, regional governments, and the electricity generator KEPCO.
However, Moon also warned construction may not start for another five years — but emphasized the government's intentions to accelerate the process.
South Korea to cut nuclear, halve its energy supply
In 2020, Seoul declared its aims to become one of the world's top-five offshore wind energy powerhouses by 2030.
The peninsular nation plans to reduce its nuclear power plants — which are South Korea's only low-carbon energy source — from 24 to 17 plants by 2034. This will halve the country's energy-generating capacities, leaving it in dire need of new energy sources — which this major offshore wind farm is slated to satisfy.
This was a breaking story and was regularly updated as new information became available.