The South Korean Government has disapproved the development of a 2 GW offshore wind complex, proposed by Kredo Holdings, a subsidiary of the investment firm BlackRock, which would be located off Sinan County (south-western South Korea). The Government cited a lack of data to prove the financial ability of the project, as well as power system issues in the region.
Kredo Holdings was planning to build five separate offshore wind power parks in Sinan totalling 2,000 MW and worth over KRW10,000bn (US$7.5bn). The company had recently filed for winning a business license, however, the electricity commission under the Ministry of Trade, Industry and Energy denied permission, saying part of documents that Kredo submitted failed to meet due criteria. The commission also said the current electrical power systems in the region would not be able to support four out of the five planned parks.
In December 2023, the Danish company Ørsted was awarded an electricity business license (EBL) by South Korea’s Ministry of Trade, Industry and Energy for a 1.6 GW offshore wind project located 70 km off the coast of South Korea’s Incheon City.
At the end of 2022, offshore wind accounted for less than 1% of South Korea’s installed capacity (136 MW). South Korea has set a target to reach 12 GW of offshore wind capacity by 2030.
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