G8, Holim Tech to develop 1.5GW offshore wind plant in South Korea
This will provide power to about 500,000 homes and businesses.
Singapore-based Subsea engineering solutions provider G8 Subsea and South Korea-based industrial business group Holim Tech have signed an agreement to develop a 1.5-gigawatt offshore wind plant in South Korea.
G8 said in a statement that the plant can provide renewable energy to 500,000 homes and businesses.
“The overall power plant will be paired with the next generation ultra-long-life Lithium-Ion energy storage system to provide stable and high-quality power management to the grid,” it said.
Gerald Tan, managing director of G8 Group, said the project marks its continuation of wind farm projects in South Korea following the Gochang Phase 1in 2017 with a 60-megawatt capacity.
“This project will be an important step for both G8 and the South Korean Wind Power industry, as it will be one of the largest offshore wind farm projects in Asia to utilise our next-generation energy storage technologies, offering our commercial and utility clients a complete and long-lasting energy storage solution,” he said.
The South Korean government targets renewables to account for 20% of its generation capacity by 2030, according to the Korean New Deal report in July 2020 by the Ministry of Economy and Finance.
It also invested US$61.4b to the Green New Deal, a strategy to ensure sustainability, as well as environmental and ecological protection, focusing on green transition of infrastructures, low-carbon and decentralised energy, and innovation in the green industry.
US$1 = 1,195.52 won