KHNP and Hanwha Ocean agree to jointly pursue the Yeonggwang Chilhae offshore wind project 1,020megawatts

Korea Hydro & Nuclear Power and Hanwha Ocean 7 month 10 day signed a memorandum of understanding on key terms for the joint pursuit of the Yeonggwang Chilhae offshore wind power project. The agreement provides a framework for jointly carrying out project development and permitting.

The Yeonggwang Chilhae offshore wind project is scheduled to be built in the waters off Yeonggwang County with a total installed capacity of 1,020megawatts. The two companies are targeting groundbreaking in 2029 year 9 month and commercial operation in 2032 year 10 month.

KHNP will contribute its capabilities in renewable energy development and project management, while Hanwha Ocean will provide its expertise in offshore plants and offshore structures. The two sides said they would combine these strengths to secure the ability to carry out the project.

Kim Hyeong-il, head of Korea Hydro & Nuclear Power’s Renewable Hydropower Business Division, said, “The signing of this agreement marks a meaningful starting point for cooperation to revitalize the domestic offshore wind industry ecosystem and achieve carbon neutrality.”

Under the agreement, the two companies plan to jointly pursue business development, permitting, and consultations on engineering, procurement, and construction. The specific ownership structure and contract amount will be disclosed separately at a later date.

The parties involved said they hope this cooperation will also contribute to achieving the government’s 2030offshore wind construction and start-of-construction 10.5gigawatt target.