South Korea to build the world's largest Wind Farm

The 50Million people Republic of Korea has announced plans to build the world's largest Wind Power Station which will be offshore. The government has said that it will invest 10.2 trillion won (US$9 billion) in building a 2.5 Gigawatt (GW) offshore wind farm, the largest in the world.

Korea Electric Power(KEP), the countries largest power company, will be incharge of the project.The project will be divied into 3phases:

1. 100MW, 353Million US Dollars, (Demonstartion Phase) - 2014
2. 400MW, 1.4Billion US Dollars, Second Phase - 2016
3. 2GW, 8.2Trillion won,Third Phase - 2019

Joining Korea Electric in the consortium of companies building the offshore wind farm are eight suppliers, including Doosan Heavy Industries and Construction Co., Daewoo Shipbuilding & Marine Engineering Co., and Hyundai Heavy Industries Co.

“South Korea is a latecomer to wind energy and is coming in at a very difficult time for the industry, where severe competition and falling turbine prices are squeezing the profits of the entire supply chain,” Bloomberg New Energy Finance lead wind analyst Justin Woo commented.

“Offshore wind is probably the best entry point for Korean companies into this sector, given their extensive shipbuilding and marine engineering experience as well as the country’s excellent offshore wind resources.”