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Hanwha Ocean, Hyundai E&C win offshore wind project to build a large power farm in the sea, securing an engineering, procurement, and construction contract. This major move marked the formal entry of Hanwha Ocean into the offshore wind power sector. The company secured a big contract to design, buy materials, and build the project.
As per a report by Pulse, the English service of Maeil Business News Korea, the companies signed the agreement on Tuesday. The total value of the entire project reached 2.64 trillion won (USD 1.79 billion). This amount is equal to about 1.80 billion dollars. Hanwha Ocean took a large portion of this work. The company announced that "Hanwha Ocean's share of the contract amounts to 1.97 trillion won." The work focused on a specific plan called the Shinan-Ui offshore wind project. This project involved the building of a 390-megawatt wind farm. The farm sat in the waters southeast of Uido Island. This island is located in Sinan County within the South Jeolla Province. The project aimed to use the wind over the ocean to create clean electricity for the region. Hanwha Ocean managed many of the early steps for the development. The company looked after the process of getting permit approvals from the government. The team also focused on community engagement. This meant the company talked to the local people to include them in the plan. While Hanwha Ocean led these efforts, several other groups joined as shareholders. These partners included Korea Midland Power, Hyundai E&C, and SK eternix. For project financing, Korea Development Bank and KB Kookmin Bank have been selected as lead arrangers. A future energy fund formed by the development bank and five major commercial banks plans to invest 544 billion won (USD 368.6 million) through equity participation and subordinated loans, with project financing expected to be completed early next year. As per the report, Hanwha Ocean said that the project will contribute to revitalizing domestic industries and creating new jobs as Korea expands investment in renewable energy. (ANI)
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