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Home News International News South Korea Unveils $43 Billion Plan for World's Largest Offshore Wind Farm

South Korea Unveils $43 Billion Plan for World’s Largest Offshore Wind Farm

SEOUL (Reuters) – South Korea unveiled a 48.5 trillion won ($43.2 billion) plan to build the world’s largest wind power plant by 2030 as part of efforts to foster an environmentally-friendly recovery from the COVID-19 pandemic.

The project is a major component of President Moon Jae-in’s Green New Deal, initiated last year to curb reliance on fossil fuels in Asia’s fourth-largest economy and make it carbon neutral by 2050. [S6N29P01A]

Moon attended a signing ceremony in the southwestern coastal town of Sinan for the plant, which will have a maximum capacity of 8.2 gigawatts.

“With this project, we are accelerating the eco-friendly energy transition and moving more vigorously toward carbon neutrality,” Moon said at the event.

Utility and engineering companies also attended, including Korea Electric Power Corp, SK E&S, Hanwha Engineering & Construction Corp, Doosan Heavy Industries & Construction Co., CS Wind Corp and Samkang M&T Co.

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