Chuja Offshore Wind Power Project: KOMIPO to Pursue Alone...Equinor to Abstain

Jeju Chujado [Yonhap News photo]

Korea Midland Power (KOMIPO) will exclusively pursue the Chuja offshore wind power project, the world's largest offshore wind power project.

According to industry sources on the 21st, KOMIPO passed the first stage of evaluation for a re-tender of project hopefuls to form a consortium for the creation of the Chuja Offshore Wind Power Complex (tentative name), a public structure 2.0 project by Jeju Energy Corporation, on the 20th.

Consequently, Jeju Energy Corporation will receive proposal documents for the second stage of evaluation solely from KOMIPO and will decide whether to select it as the preferred negotiator in March of next year.

Norway's state-owned energy company Equinor, which was considered a strong candidate, did not participate in this re-tender, following its non-participation in the tender held in September. Equinor had expressed its intention to pursue an offshore wind power complex by installing wind measurement equipment in the Chuja Sea area since 2020, and Jeju Governor Oh Young-hoon visited Equinor's headquarters in Norway in September of last year, but ultimately did not participate.

The Chuja offshore wind power complex creation project is the world's largest in terms of generation capacity, at 2.37 GW. The total project cost is estimated to reach up to 24 trillion won.

If this project proceeds, Jeju Province will secure a profit-sharing fund of approximately 130 billion won annually. Yonhap News