But with the withdrawal of key players from the market, a shrinking economy and a lack of local expertise, such a build-out is already impossible.

Back in 2010, when Seoul announced plans to install the 2.5GW Southwest project off the coast of Jeollabuk and Jeollanam provinces by 2019, the country appeared ready to take the lead in regional offshore development.

However, the project has been repeatedly delayed, and it now seems the government will settle for something far less ambitious.

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