Financial Close Achieved for 390 MW Offshore Wind Farm in South Korea
South Korea has reached financial close for the 390 MW Shinan Ui offshore wind project, located off the coast of Ui Island in Shinan County, South Korea.
On April 9, 2026, the Financial Services Commission (FSC) announced the signing of a project financing agreement totaling KRW 3.4 trillion (approximately USD2.28 billion). This investment consists of KRW 510 billion (USD343 million) in equity and KRW 2.89 trillion (USD1.94 billion) in debt, provided by a consortium of 18 domestic financial institutions including policy banks and major insurers. Notably, this is the first large-scale offshore wind development in South Korea to be financed entirely with domestic capital, supported by government initiatives like the National Growth Fund and the Future Energy Fund. The financing has been arranged by Korea Development Bank and KB Kookmin Bank.
The project is already under construction and aims for full operation by 2029. It will include 26 units of V236-15.0 MW turbines having capacity to generate enough energy to power 360,000 households each year.
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