Jeonnam I, a 99MW offshore wind farm off the coast of Shinan County, Jeonnam Province in the southwest of Korea, has reached financial close. Jeonnam Offshore Wind Power was founded in 2020 as a 51-49 joint venture between SK E&S and Copenhagen Infrastructure Partners (CIP) and the project is expected to go into operation in 2024.
The project has been developed by a joint team comprised by SK E&S and Copenhagen Offshore Partners (COP), the exclusive offshore wind development partner to CIP. Jeonnam Offshore Wind Power obtained Electricity Business License in 2017 and entered a grid connection agreement with KEPCO, the state-owned utility in South Korea, allowing the project to connect to the grid during 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.
