The Saemangeum Investment Agency of Korea (SDIA) together with Amsterdam Capital Partners (AMSCAP), G8 Subsea (G8), and Saemangeum Offshore Wind Power (SOWP) have agreed to cooperate towards a giant renewable energy mega-development of up to 3GW in the Yellow Sea off Korea.
Plans for the near-shore Samangeum Industrial Complex include a vast 2.7GW floating solar array and 300MW of offshore wind.
The floating PV plant would be located behind the world’s longest seawall at Saemangeum that encloses 409km2 of reclaimed area, AMSCAP and G8 said, without giving further details about the coastal complex.
AMSCAP said it will work together with G8 alongside SOWP on the offshore wind development, on both financial and a technical elements of the project. SOWP has already developed a 100MW offshore wind project that is in final development stage, with all permits and regulatory approvals secured.
“SOWP has clearly paved the way for offshore wind in Korea and we are very excited to contribute our structuring expertise and bringing financial partners to the region to execute this project and the further offshore wind plans,” Michael van der Heijden from AMSCAP said.
South Korea has earlier said it aims to develop 13GW of offshore wind capacity off its coast by 2030 to drive toward a target of having at least 30% renewable energy in its national mix by 2040.
Gerald Tan from G8 added: “With an already proven track record in South Korean offshore wind farms, G8 aims to develop this as a leading platform in Asia to accelerate the financing and construction of projects in this region”
SDIA is a central government agency of South Korea responsible for the Saemangeum Project, a grand national development project established in 2013 by executive order. The agency is in charge of administrative services and support, from master planning and coordination to investment attraction and promotion.
South Korea’s government is committed to developing Saemangeum into a global business and free trade hub, AMSCAP and G8 said.