A county in South Korea’s South Jeolla Province is breaking new ground with the nation’s first offshore wind power fund designed specifically for local residents. (Image courtesy of Sinan County)
SINAN, Jan. 7 (Korea Bizwire) — A county in South Korea’s South Jeolla Province is breaking new ground with the nation’s first offshore wind power fund designed specifically for local residents.
Sinan County announced on January 6 that it had signed a memorandum of understanding with Sinan Ui Offshore Wind and Root Energy to establish a 100 billion won investment fund for its residents.
Sinan Ui Offshore Wind, a special purpose company established by Hanwha Ocean, is developing what will be South Korea’s largest offshore wind farm. The project consists of 26 wind turbines, each capable of generating 15MW, for a total capacity of 390MW in waters off Sinan.
The county is launching this resident investment fund to generate returns for local inhabitants, particularly those living near power transmission and substation facilities, and to secure community support for the project. Local financial institutions will also have the opportunity to participate in the investment.
County officials plan to develop an investment model targeting a 13% annual return rate through careful fund design, operation, and financing terms for participating residents.
“Through our existing solar pension program, Sinan County has successfully built public understanding and support for renewable energy among local residents,” said Park Woo-ryang, the county mayor. “We will strive to ensure this offshore wind power fund makes a meaningful contribution to our local economy.”
Kevin Lee (kevinlee@koreabizwire.com)
