Korea Midland Power Co. (KOMIPO) invested 96.1 billion won on the 11th to acquire 96.1 million new shares in the Shinan-Ui offshore wind project, a 390MW development backed by the Public Growth Fund.
Planned for waters south of Uido, Shinan County, South Jeolla Province, the project targets commercial operations in February 2029. Total investment is approximately 3.4 trillion won, with funding secured, and offshore construction scheduled to start in April. Once completed, the wind farm is expected to supply electricity for about 290,000 households, based on a four-person family standard. The development was selected as the first Public Growth Fund investment after being recognized for its public interest value.
Strategic investors include Hanwha Ocean, SK eternix, and Hyundai Engineering & Construction, alongside Korea Midland Power Co. (KOMIPO). After completion, Korea Midland Power Co. (KOMIPO) plans to provide operational support services and manage auxiliary facilities to help ensure the stable operation of the offshore wind complex.
The latest equity investment follows Korea Midland Power Co. (KOMIPO)’s completion last year of the 100MW Hallim offshore wind farm. The company also stated it will push its mid- to long-term targets of reaching a 60% share of carbon-free generation and cutting greenhouse gas emissions by 70% by 2040.
Korea Midland Power Co. (KOMIPO) President Lee Young-jo said the Shinan-Ui project is the first offshore wind development in the country to use 15MW-class large turbines. He added that the project is being pursued using domestic finance and domestic engineering, procurement, and construction (EPC), and that the company will work as a public corporation to support the domestic wind power industry ecosystem.
