Government / Industry

South Korea Building 2.5 GW Offshore Wind Farm

South Korea Building 2.5 GW Offshore Wind Farm

South Korea is getting into the wind power game with a bold, 2.5 GW project will cost about $8.2 billion to build.

The wind farm will be built off the southwestern coast of South Korea will include about 500 turbines and is expected to be completed by 2019. Companies like Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering are constructing the turbines. The government is paying for most of it, but private investors will need to finance the remainder.

The government has committed to a five-year plan that will see it investing $36 billion in renewable energy to help it to become more energy independent and to stake its claim in the renewable energy market.

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