NEWS
5GW wind farm to be built in the seas southwest of
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administ
Posted at
2009-11-10
A 5GW wind farm to be built off the southwestern coast of Jeollanam-do [Investment Planning Division] 286-2930
- Jeonnam Provincial Office concluded an investment agreement on the 15th with 26 companies, and an investment of KRW 15 trillion over 20 years to build a wind power hub -
- Electricity use by 3.6 million households a year • reducing 7 million tons of CO2… Leading green growth -
A wind power hub including a wind farm complex to the scale of 5GW will be built off the southwestern coast of Jeollanam-do to annually supply electricity to 3.9 million households.
In particular, this wind farm, which will produce power equivalent to that of Yeonggwang Nuclear Plants #5 and #6, will also produce the effect of reducing 7 million tons of CO2 per year and therefore will lead the trend of green growth into the future.
On the morning of the 15th, officials from the Jeonnam Provincial Office along with approximately 180 persons from industrial, academic and research sectors as well as Vice Minister Kim Yeong-hak of the Knowledge Economy, Governor Seo Sam-seok of Muan County, Governor Jeong Gi-ho of Yeonggwang County and Governor Park Wu-ryang of Sinan County held an investment agreement ceremony for the ‘5GW Wind Farm Project’ with 26 enterprises and financial companies.
With this investment agreement, the local governments of the Jeonnam Provincial Office as well as Muan, Yeonggwang and Sinan Counties, with their superb wind power resources, will implement a wind power hub in the southwestern coastal region by investing private capital of approximately KRW 15.5 trillion over 20 years together with 26 local and overseas wind power generation and facility companies and financial institutions.
17 of the investing companies including the Korea Rural Community Corporation, POSCO Engineering & Construction, Korea Hydro & Nuclear Power, STX Energy, Daewoo Engineering & Construction and Korea District Heating will invest in the power generation field, while 5 industrial construction companies including Daewoo Shipbuilding & Marine Engineering, STX Heavy Industries, DMS and CS Wind will invest in the facilities. The financial companies, such as Shinhan Bank, Nonghyup, Kwangju Bank and Daewoo Securities, will provide financial consultations as well as actively participate in funding support.
Once the ‘5GW Wind Farm Project’ is commenced in full scale, this will not only create a huge domestic wind power industry market, but will also secure a solid bridge through which domestic wind farm companies attaining a technological power of about 75% of that of advanced nations can advance into global markets. Therefore, this project will be a turning point for a start in preparing for the ‘era of energy competition’ in the future.
Together with this, this project will directly create more than 25,000 jobs, earn an annual local tax income of KRW 64.1 billion and, by 2020, produce an economy of scale exceeding KRW 30 trillion in sales per year.
At the agreement ceremony, Provincial Governor Park Jun-yeong said, “The more than 2,000 islands along the southwestern coast of Jeollanam-do and the 6,400km of coastline have shallow water and lie directly within the path of strong northwesterly seasonal winds for more than 6 months of each year. As such, these areas have the greatest conditions for wind power generation of all the coast areas of Korea.” He added, “By extensively developing this as a local specialization project, we will prepare for the era of sustainable green wind-born energy and contribute to national wealth. At the same time, this project will bring vitality to the local economy.”
For implementation of the wind power hub complex, the Jeonnam Provincial Office has already received a government subsidy of KRW 25 billion for implementation of the ‘Wind Power Hub Project along the Southwestern Coast’ selected as the leading industrial project of the 5+2 metropolitan economic zone in the Honam regions. With this, the Jeonnam Provincial Office has implemented a program at Mokpo National University to develop outstanding personnel for new and renewable energy businesses centering on marine wind power generation and is therefore supporting development of the human resources needed to manage the wind power industry.
In addition, the Jeonnam Provincial Office is systematically training 1,000 professional personnel in order to extensively develop wind power as a competitive local specialization project by establishing the ‘Dept. of New and Renewable Energy’ as well as a ‘New and Renewable Energy Center’ at Mokpo National University. At the same time, the local government is supporting the R&D project with an investment of KRW 9.7 billion to wind farm facility manufacturing companies, etc.
- Jeonnam Provincial Office concluded an investment agreement on the 15th with 26 companies, and an investment of KRW 15 trillion over 20 years to build a wind power hub -
- Electricity use by 3.6 million households a year • reducing 7 million tons of CO2… Leading green growth -
A wind power hub including a wind farm complex to the scale of 5GW will be built off the southwestern coast of Jeollanam-do to annually supply electricity to 3.9 million households.
In particular, this wind farm, which will produce power equivalent to that of Yeonggwang Nuclear Plants #5 and #6, will also produce the effect of reducing 7 million tons of CO2 per year and therefore will lead the trend of green growth into the future.
On the morning of the 15th, officials from the Jeonnam Provincial Office along with approximately 180 persons from industrial, academic and research sectors as well as Vice Minister Kim Yeong-hak of the Knowledge Economy, Governor Seo Sam-seok of Muan County, Governor Jeong Gi-ho of Yeonggwang County and Governor Park Wu-ryang of Sinan County held an investment agreement ceremony for the ‘5GW Wind Farm Project’ with 26 enterprises and financial companies.
With this investment agreement, the local governments of the Jeonnam Provincial Office as well as Muan, Yeonggwang and Sinan Counties, with their superb wind power resources, will implement a wind power hub in the southwestern coastal region by investing private capital of approximately KRW 15.5 trillion over 20 years together with 26 local and overseas wind power generation and facility companies and financial institutions.
17 of the investing companies including the Korea Rural Community Corporation, POSCO Engineering & Construction, Korea Hydro & Nuclear Power, STX Energy, Daewoo Engineering & Construction and Korea District Heating will invest in the power generation field, while 5 industrial construction companies including Daewoo Shipbuilding & Marine Engineering, STX Heavy Industries, DMS and CS Wind will invest in the facilities. The financial companies, such as Shinhan Bank, Nonghyup, Kwangju Bank and Daewoo Securities, will provide financial consultations as well as actively participate in funding support.
Once the ‘5GW Wind Farm Project’ is commenced in full scale, this will not only create a huge domestic wind power industry market, but will also secure a solid bridge through which domestic wind farm companies attaining a technological power of about 75% of that of advanced nations can advance into global markets. Therefore, this project will be a turning point for a start in preparing for the ‘era of energy competition’ in the future.
Together with this, this project will directly create more than 25,000 jobs, earn an annual local tax income of KRW 64.1 billion and, by 2020, produce an economy of scale exceeding KRW 30 trillion in sales per year.
At the agreement ceremony, Provincial Governor Park Jun-yeong said, “The more than 2,000 islands along the southwestern coast of Jeollanam-do and the 6,400km of coastline have shallow water and lie directly within the path of strong northwesterly seasonal winds for more than 6 months of each year. As such, these areas have the greatest conditions for wind power generation of all the coast areas of Korea.” He added, “By extensively developing this as a local specialization project, we will prepare for the era of sustainable green wind-born energy and contribute to national wealth. At the same time, this project will bring vitality to the local economy.”
For implementation of the wind power hub complex, the Jeonnam Provincial Office has already received a government subsidy of KRW 25 billion for implementation of the ‘Wind Power Hub Project along the Southwestern Coast’ selected as the leading industrial project of the 5+2 metropolitan economic zone in the Honam regions. With this, the Jeonnam Provincial Office has implemented a program at Mokpo National University to develop outstanding personnel for new and renewable energy businesses centering on marine wind power generation and is therefore supporting development of the human resources needed to manage the wind power industry.
In addition, the Jeonnam Provincial Office is systematically training 1,000 professional personnel in order to extensively develop wind power as a competitive local specialization project by establishing the ‘Dept. of New and Renewable Energy’ as well as a ‘New and Renewable Energy Center’ at Mokpo National University. At the same time, the local government is supporting the R&D project with an investment of KRW 9.7 billion to wind farm facility manufacturing companies, etc.