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Date 2022-02-25
Subject Finance Agreement for the Jeju Hallim Offshore Wind Power Generation Project
Content 제주한림해상풍력 발전사업 프로젝트금융 약정


On February 24, the finance agreement for the Jeju Hallim Offshore Wind Power Generation Project was signed. KEPCO E&C has played the lead role in this development project, in which KEPCO, Korea Midland Power, and Hyundai Engineering & Construction have jointly contributed.

This agreement was signed by Jeju Hallim Offshore Wind Power Generation, Co. which is an SPC co-owned between KEPCO (29%), Korea Midland Power (23%), KEPCO E&C (5%), Hyundai Engineering & Construction (10%), Baram (1%) and a consortium of lenders. On February 25, a commemoration ceremony was held for the signing of the agreement on the largest offshore wind power generation project in the country to date.

This project site is located in the sea off the coast of Suwon-ri, Hallim-eup, Jeju-si, where 18 units of 5.56 MW wind power generators made by Doosan Heavy Industries will be installed. The SPC was established in 2017. The development plan and power generation permit were approved and acquired in 2020. The EPC contract was co-signed by both us and Hyundai Engineering & Construction consortium. The work is set to start this year and be completed by October 2024.

The project expense is to be covered with equity capital (14%) and outside capital (86%). The finance agreement was signed this time in the stage where outside capital provision is completed and heralds the starting point of the project. It is expected that this project will play the ‘pump-priming’ role for the country’s similar large-sized project.

It is also expected that the project will robustly provide the country’s ecosystem of offshore wind power generation and ramp up relevant industrial sectors. What’s more, it will contribute significantly to national greenhouse-gas reduction targets set for 2030, the carbon-neutral target set for 2050, and Jeju City’s Carbon Free Island goal for 2030.

KEPCO E&C will carry out the design and procurement for this project based on our accumulated experience and keep on playing the lead role in the market for offshore wind power and offshore power station, fully utilizing our technological prowess. 


 
Attachments

main_03_02_eng.png main_03_02_eng.png

  • Date
    2022-02-25
    Subject
    Finance Agreement for the Jeju Hallim Offshore Wind Power Generation Project
    Content

    제주한림해상풍력 발전사업 프로젝트금융 약정


    On February 24, the finance agreement for the Jeju Hallim Offshore Wind Power Generation Project was signed. KEPCO E&C has played the lead role in this development project, in which KEPCO, Korea Midland Power, and Hyundai Engineering & Construction have jointly contributed.

    This agreement was signed by Jeju Hallim Offshore Wind Power Generation, Co. which is an SPC co-owned between KEPCO (29%), Korea Midland Power (23%), KEPCO E&C (5%), Hyundai Engineering & Construction (10%), Baram (1%) and a consortium of lenders. On February 25, a commemoration ceremony was held for the signing of the agreement on the largest offshore wind power generation project in the country to date.

    This project site is located in the sea off the coast of Suwon-ri, Hallim-eup, Jeju-si, where 18 units of 5.56 MW wind power generators made by Doosan Heavy Industries will be installed. The SPC was established in 2017. The development plan and power generation permit were approved and acquired in 2020. The EPC contract was co-signed by both us and Hyundai Engineering & Construction consortium. The work is set to start this year and be completed by October 2024.

    The project expense is to be covered with equity capital (14%) and outside capital (86%). The finance agreement was signed this time in the stage where outside capital provision is completed and heralds the starting point of the project. It is expected that this project will play the ‘pump-priming’ role for the country’s similar large-sized project.

    It is also expected that the project will robustly provide the country’s ecosystem of offshore wind power generation and ramp up relevant industrial sectors. What’s more, it will contribute significantly to national greenhouse-gas reduction targets set for 2030, the carbon-neutral target set for 2050, and Jeju City’s Carbon Free Island goal for 2030.

    KEPCO E&C will carry out the design and procurement for this project based on our accumulated experience and keep on playing the lead role in the market for offshore wind power and offshore power station, fully utilizing our technological prowess. 


     

    Attachments

    main_03_02_eng.png main_03_02_eng.png (107Kb)