The government of South Korea has announced its intention to build a giant offshore wind farm off the country's west coast by 2019. The principal aim other than to develop new sources of renewable energy is to help its own wind turbine exporters. The wind farm, to be built near the southwestern regions of Buan and Yeonggwang, will generate about 2.5 GW of electricity.
Under the 9.2 trillion won (US$8.2 billion) project, companies such as Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering plan to build 500 turbines, according to a statement from the Economics ministry. The government will coordinate the project and provide 29 billion won, while private investors will finance the rest.
Heavy machinery manufacturers such as Samsung Heavy Industries and STX Heavy Industries and even the country's major shipbuilders and are working hard to enter the lucrative global wind power market. ''But they need a track record to actually build and operate wind farms to export their products,'' said the ministry, which estimates that current global offshore wind farm projects amounmt to154 GW of generation. Important considerations in choosing offshore wind are the alleviation of the pressure on land space, less environmental damage and fewer potential complaints from residents, said the ministry.
Asia's fourth largest economy imports 97 percent of its energy needs from overseas and has moved to cut dependence on fossil fuels and diversify energy sources. Seoul last month unveiled a five-year plan to spend $36 billion developing renewable energy as its next economic growth driver, with the goal of becoming one of the world's five top players in the sector.
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