Korea Electric Power(KEP), the countries largest power company, will be incharge of the project.The project will be divied into 3phases:
- 100MW, 353Million US Dollars, (Demonstartion Phase) - 2014
- 400MW, 1.4Billion US Dollars, Second Phase - 2016
- 2GW, 8.2Trillion won,Third Phase - 2019
“South Korea is a latecomer to wind energy and is coming in at a very difficult time for the industry, where severe competition and falling turbine prices are squeezing the profits of the entire supply chain,” Bloomberg New Energy Finance lead wind analyst Justin Woo commented.
“Offshore wind is probably the best entry point for Korean companies into this sector, given their extensive shipbuilding and marine engineering experience as well as the country’s excellent offshore wind resources.”
Source: Bloomberg Business Week