South Korea wind ambitions require grid overhaul
Plans for the world’s largest offshore wind project will necessitate government support for expensive infrastructure improvements
South Korean plans for an offshore windfarm with capacity of up to 8.2GW will need long-term government commitment to come to fruition.
Corporates in the country say they will invest $42bn in the plan, announced in February by President Moon Jae-in as part of his Green New Deal. Still, the companies, including Kepco, Hanwha Engineering & Construction and Doosan Heavy Industries, have yet to take FID. Moon says construction may not start for five years.
Given limited scope to develop hydro and solar power, offshore wind is the “perfect long-term technology” for South Korea to achieve domestic energy production at scale, says Tim Buckley, director of energy finance studies, for Austral
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