Hanwha Ocean said on 23 December 2025 it signed a turnkey EPC contract for the Shinan Ui offshore wind project, as it moves deeper into offshore wind and plant EPC work.
The project calls for a 390MW offshore wind farm to be built off the southeast side of Ui Island in Shinan County, South Jeolla Province. The contract will be delivered jointly by Hanwha Ocean and Hyundai E&C. The total contract value is KRW 2.64 trillion, with KRW 1.9716 trillion allocated to Hanwha Ocean, the company said.
Hanwha Ocean also said it has managed development work so far, including key permitting steps and efforts related to local acceptance. Korea Midland Power Co. (KOMIPO), Hyundai E&C, and SK eternix are participating as shareholders. For project financing, Korea Development Bank and KB Kookmin Bank have been appointed as PF arrangers, with procedures under way. The Future Energy Fund—formed by Korea Development Bank and five major commercial banks—plans to invest KRW 544 billion through equity and subordinated loans.
For the supply chain, the company said it selected domestic partners for core scopes including subsea cables, substructure fabrication, and offshore installation. It also plans to build a WTIV capable of installing 15MW-class turbines and deploy it on the Shinan Ui project.
In the same announcement, Hanwha Ocean pointed to projections that cumulative global offshore wind capacity could rise from 83GW last year to 441GW by 2034, while South Korea’s offshore wind market remains around 0.35GW this year due to permitting, local acceptance, infrastructure, and financing constraints. The government has recently set out plans to expand baseline infrastructure such as ports and vessels, aiming to deploy 25GW of offshore wind by 2035.
