Hanwha Ocean (042660) has commenced construction of a large-scale 390MW offshore wind farm off the coast of Shinan in South Jeolla Province. The company aims to transform into a total solutions provider covering the entire offshore wind process—from project development and construction to offshore installation—by deploying its next-generation Wind Turbine Installation Vessel (WTIV), currently being built at a cost of 800 billion won (approximately $541.2 million).
Hanwha Ocean announced on July 16 that it held a groundbreaking ceremony for the “Shinan-Ui Offshore Wind Power Project” in Shinan County, South Jeolla Province, marking the start of full-scale construction. The project involves building a 390MW offshore wind farm in waters near Uido-ri, Docho-myeon, Shinan County, with completion targeted for 2029.
The groundbreaking ceremony was attended by a large contingent of government and local officials, including Kim Sung-hwan, Minister of Climate, Energy and Environment; Min Hyung-bae, Mayor of the integrated Gwangju-Jeonnam Special City; Kim Tae-sung, Governor of Shinan County; and Lee Jae-gak, Governor of Jindo County, along with representatives from South Korea’s Financial Services Commission, financial institutions, and shareholders. Hanwha Ocean President Chung In-sub and Korea Midland Power President Lee Young-jo were also present, pledging their commitment to the project’s successful execution.
In this project, Hanwha Ocean serves as the developer overseeing the entire business development process—including project origination, permitting, and investment attraction—while also acting as the lead EPC contractor responsible for engineering, procurement, and construction. Hyundai Engineering & Construction is participating as an EPC partner, and Korea Midland Power will take charge of operating the wind farm for 25 years after completion, ensuring stable power supply.
The project carries significant weight as a flagship national energy transition initiative aligned with the South Korean government’s renewable energy expansion policy and offshore wind industry development strategy. Notably, it was selected as the first investment project for both the National Growth Fund and the Future Energy Fund, receiving policy finance support. Major equipment, excluding turbines, will be sourced primarily through domestic supply chains. Project financing (PF) was also successfully completed based entirely on South Korean capital.
Hanwha Ocean’s next-generation WTIV, being built at an investment of approximately 800 billion won, is slated to serve as a core asset for the Shinan-Ui project. Through this, Hanwha Ocean aims to secure vertically integrated offshore wind business capabilities spanning power project development, EPC, and offshore installation, while significantly expanding its participation in South Korea’s offshore wind supply chain.
A Hanwha Ocean representative emphasized, “The Shinan-Ui offshore wind power project is a critical undertaking that enhances the competitiveness of South Korea’s offshore wind industry based on domestic technology and supply chains. We will contribute to building the domestic offshore wind industrial ecosystem and advancing the energy transition, while continuously creating new growth opportunities in the global offshore wind market.”
The project is expected to provide stable power supply to regional industrial complexes, revitalize the local economy, create jobs, and contribute to building South Korea’s offshore wind industrial ecosystem and strengthening industrial competitiveness. With Hanwha Ocean now establishing a full-cycle business model in offshore wind following its shipbuilding operations, the growth pace of South Korea’s offshore wind market is anticipated to accelerate further.