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October 5, 2021updated 20 Oct 2021 9:14am

Yeonggwang-Gun Near Shore Wind Project, South Korea

By Carmen

Yeonggwang-Gun Near Shore Wind Project is a 34.5MW offshore wind power project. The project is located in Yellow Sea, South Jeolla, South Korea. The project is currently active. It has been developed in single phase. Post completion of construction, the project got commissioned in January 2019.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Project TypeTotal Capacity (MW)Active Capacity (MW)Pipeline Capacity (MW)Project StatusProject LocationProject DeveloperOffshore34.534.5-ActiveSouth Jeolla, South KoreaKorea East-West Power Co Ltd; Unison Co Ltd

Description

The project was developed by Korea East-West Power and Unison.

The project cost is $120.75m.

Development Status

The project is currently active. The project got commissioned in January 2019.

Contractors Involved

Unison was selected as the turbine supplier for the wind power project. The company provided 15 units of 2.3MV – U113 turbines, each with 2.3MW nameplate capacity.

About Korea East-West Power

Korea East-West Power Co Ltd (EWP), a subsidiary of Korea Electric Power Corp, is a state-owned electric utility producer. It generates and supplies the electricity. It produces electricity from various sources including coal, oil, liquefied natural gas, mini hydro, and renewable sources such as solar, wind, biomass, and bio gas. The company also offers plant construction, engineering, plant operations, and plant maintenance services; and financial investment services for the exploration and development of mines. EWP serves in domestic and overseas regions. It has operating and developing interests in power generation facilities in North America, Latin America and the Caribbean, Asia, and Oceania. EWP is headquartered in Jung-gu, Ulsan, South Korea.

About Unison

Unison Co Ltd (Unison) is an alternative energy company that develops wind parks. The company manufactures, designs and develops wind turbines. Its wind turbines convert wind energy into electricity using kinetic energy. Unison offers services such as designing, measuring, financing, and engineering services. The company’s engineering services include micrositing of lay-out design, site inspection and evaluation, economic analysis and wind resource assessment services. Unison’s wind park development projects include Gangwon Wind Park and YoungDuck Wind Park. The company performs investigation of wind energy resources and feasibility study on the areas with potential wind energy resource. Unison is headquartered in Sacheon, South Korea.

Methodology

All power projects included in this report are drawn from GlobalData’s Power Intelligence Center. The information regarding the project parameters is sourced through secondary information sources such as electric utilities, equipment manufacturers, developers, project proponent’s – news, deals and financial reporting, regulatory body, associations, government planning reports and publications. Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector.

Related Companies

Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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