The South Korean government announced plans to go ahead with a $8.2 billion offshore wind farm in the Yellow Sea to help domestic firms elevate their positions in the global industry.
Plans for the wind farm have been scaled down from an initial proposal released in September. However, it will still be a massive project with a three-phase capacity of 2,500 megawatts (MW).
According to a UPI story, phase I calls for 20 5MW turbines by 2013. Phase II would add an additional 180 turbines by 2016. And Phase III calls for another 300 turbines by 2019.
Funding for the project will be part of the $36 billion Korea has commited to developing renewable energy over the next five years.
"The plan is to make South Korea the world’s third-largest country in terms of offshore wind power generation," Kang Nam-hoon, head of the ministry’s energy and climate change policy division said, according to state-run news agency Yonhap.
"And to be able to export related equipment and technology, we need a good track record of actually building and operating such facilities. The project partly aims to do that," he added.
South Korea aims to be one of the top five clean energy producers by 2015 with cleantech exports of $36.2 billion.
The offshore wind farm is expected to increase experience, capacity and access to technology for domestic wind turbine makers such as Hyundai Heavy Industries (HYHZF.PK), Daewoo Shipbuilding & Marine Engineering. And it is also likely to benefit shipbuilders Samsung Heavy Industries and STX Heavy Industries.
The UPI story is available a the link below.
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