Korea Midland Power signed a financing agreement on 9 April 2026 for Shinan-Wi offshore wind, securing KRW 2.89 trillion in loans for the 390 MW development off South Korea.

Korea Development Bank and KB Kookmin Bank arranged the financing. The Financial Services Commission’s financing announcement set out a total project budget of KRW 3.4 trillion, comprising the loan package and KRW 510 billion in equity.

The agreed funding structure included KRW 750 billion in senior and subordinated loans from the Advanced Strategic Industries Fund under the National Growth Fund initiative. Separately, the Future Energy Fund committed KRW 544 billion, divided between KRW 204 billion in equity and KRW 340 billion in subordinated loans. These commitments formed part of the project’s overall financing.

The development is located south of Ui Island in Sinan County, South Jeolla Province. Its planned generating equipment comprises 26 turbines of 15 MW each. When the financing agreement was signed, the project was targeting commercial operation in February 2029.

The procurement plans called for domestic suppliers to provide foundations, subsea cables and substations, with wind turbines excluded from that domestic equipment scope. Project participants include Korea Midland Power, Hanwha Ocean, SK Eternix and Hyundai Engineering & Construction.

Financial News reported that local fishermen and residents would be able to invest through cooperatives and share returns under the project’s resident participation scheme. The newspaper also quoted Korea Midland Power president Lee Young-jo as saying the utility would operate the wind farm for 25 years.