South Korea advances $3.5B offshore wind project bid

May 6 (Asia Today) -- South Korea is moving forward with a major offshore wind project valued at about $3.5 billion, with state-run power companies competing for development rights and a domestic turbine supplier emerging as the leading candidate.

Two consortiums - led by Korea Hydro & Nuclear Power and Korea Midland Power - have passed the first round of qualification for the project off the coast of Buan in North Jeolla Province, according to local authorities.

The project is part of a larger 1-gigawatt offshore wind complex approved as a renewable energy cluster, with about 800 megawatts to be developed under a public-led model.

Both consortiums include multiple subsidiaries of Korea Electric Power Corp. along with engineering and maintenance affiliates, reflecting a coordinated effort by state-backed energy firms.

Doosan Enerbility, which is participating in both consortiums, is widely expected to supply the turbines. If selected, the project would involve installing around 80 offshore wind turbines with capacities of about 10 megawatts each.

The provincial government plans to prioritize contributions to the local economy and the use of domestic supply chains over price competitiveness in the next evaluation phase, which is set to begin later this month. A preferred bidder is expected to be selected in June.

The project gained momentum after the site was designated as a renewable energy cluster, prompting agreement between provincial authorities and the central government to pursue a public-sector-led approach.

Officials said military operational concerns related to the project area are under review, with consultations expected between the defense and climate ministries in the coming weeks.

If approved, the project would rank among the largest offshore wind developments in South Korea and is expected to boost local industry participation and national renewable energy capacity.

-- Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260506010001165

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This story was originally published May 6, 2026 at 4:44 PM.