A $43 billion deal was inked Friday to install what the South Korean government said will be the world’s biggest offshore wind power infrastructure, as it seeks to augment upon carbon neutrality by 2050.
South Korea has plenty of limitations, one being it has few energy resources of its own and relies on imported fossil fuel i.e. coal — a cheap but dirty fuel — for generating around 40 percent of its electricity.
President Moon Jae-in announced the carbon neutrality goal last year but concurrently is viewing to phase out nuclear power, leaving the country tantamount to depending on renewables to come full circa.
Moon kept hold of the signing of the 48 trillion won ($43 billion) agreement to build the complex off Sinan in the country’s southwest. This he said that it would be seven times bigger than the world’s current largest offshore wind farm.
With a maximum capacity of 8.2 gigawatts generated, the government is proud to host a plant equal to one of six nuclear power stations.
Moon said that the country’s geocentric position on the Korean peninsula scored a geographical benefit.
“We have the undulated potential of offshore wind power to the sea on three sides, and we have the world’s best equipment in related fields,” he added.
The agreement includes 33 different entities, among them regional governments, the electricity generator KEPCO, and major private entities including Doosan Heavy Industries & Construction and SK E&S.
Moon cautioned that it could take more than five years to rollout construction, although the government will try to speed up the process.
Seoul in preceding year declared a goal of coming to be known as one of the world’s top five offshore wind energy powerhouses by 2030.