Korea Southern Power plans major renewable investment by 2025

8 September 2020 (Last Updated September 8th, 2020 18:33)

Electricity utility company Korea Southern Power (KOSPO) is reportedly planning to invest KRW4tr ($3.3bn) in renewable energy projects by 2025.

Korea Southern Power plans major renewable investment by 2025
Korean Southern Power plans to build 100 wind farms as part of Korea’s Green New Deal. Credit: Pradeep Ghildiyal.

Electricity utility company Korea Southern Power reportedly plans to invest $3.3bn (KRW4tn) in renewable energy projects by 2025.

Business Korea reported that the company plans to build 100 wind farms, creating 30,000 employment opportunities in the region.

A Korea Southern Power spokesperson said the company intends to use the plan to enact the government’s Green New Deal project.

The Green New Deal will take place over three phases: expansion of the supply of sustainable future energy, the transition of energy infrastructure towards a green environment, and establishing a win-win green industry ecosystem.

Initially, the company is planning to complete a 60MW wind power facility located in Omi Mountain by next year. It will also create a 30MW wind farm in Yukbaek Mountain in Samcheok by 2022.

Using Korean technology and equipment, Korea Southern Power plans to build 100 wind power facilities in Korea by 2023.

Furthermore, it plans to create a 100MW solar power complex on the roof of a logistics complex in Busan by December this year.

In another development, South Korean shipbuilding company Hyundai Heavy Industries reportedly plans to expand into floating offshore wind power.

The company is said to have carried out a feasibility study on the sector. It also participated in a video conference organised by the Ulsan City government, which plans to strengthen the floating offshore wind power industry in the region.

The conference was attended by global green energy developer Green Investment Group as well as global energy player Total.

Last year GIG signed a memorandum of understanding with Ulsan City to build a floating offshore wind farm near a gas field in the East Sea.