Offshore wind

Hanwha I&S and GIG to co-develop offshore wind farm in Korea

14 May 2021

Hanwha I&S partners with GIG and GWindSky on their 40 MW Cheongsapo Offshore Wind project in Busan, Korea.

Hanwha Investment and Securities (Hanwha I&S) has signed a partnership agreement to co-invest in the Cheongsapo Offshore Wind project with Macquarie’s Green Investment Group (GIG) and GWindSky. Hanwha I&S will provide financial advisory services to the development and acquire a 19.5% equity stake.

Located near Cheongsapo in Busan, South Korea, the 40 MW development is expected to commence commercial operations in 2024.

GIG’s global offshore wind development portfolio now stands at 12.7 GW, including 3 GW of planned capacity in Korea. To reduce the country’s heavy reliance on nuclear and coal imports, the Korean government’s RE3020 plan promotes a significant increase in green energy, with a particular focus on offshore wind and associated job creation. The projects in GIG’s portfolio will play a significant role in the delivery of country’s ambitious target to deliver 12 GW of offshore wind capacity by 2030.

"Offshore wind holds the potential to transform Korea’s energy mix, deliver energy security and bring economic benefits to communities across the country. GIG’s ability to couple global experience with deep local expertise sits at the heart of our ambition to lead Asia’s renewables sector, and we’re proud to be working with Korean companies GWindSky and Hanwha I&S on this exciting project."

Ivan Varguhese
Head of GIG Asia

"The Cheongsapo Offshore Wind project will become a growth engine for local economic development in Busan, helping revitalise the region as an environmental leader for future generations. We’re delighted Hanwha I&S will be joining us on the journey to help deliver Busan, and Korea’s, renewable energy targets."

Lee Yong Woo
CEO of GWindSky

"Through this partnership we will take a step closer to delivering both Hanwha I&S’s ESG goals and Korea’s transition to renewable energy. The Cheongsapo Offshore Wind will not only supply clean energy to the city of Busan, but it will be the foundation upon which it builds an environmentally sustainable future for its citizens."

Kwon Hee Baek
Representative director of Hanwha I&S

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