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He said revenue steadily increased from rapidly thanks to government measures for offshore wind farm in waters off North Jeolla
689mn baht in 2017 to 973mn last year. developing offshore wind energy,” Park said. Province as the first project in its plan to
The company’s financial strength is being During a visit to a wind farm in Buan, increase the nation’s offshore wind power
leveraged to launch Khonburi Sugar Power North Jeolla Province, on Friday, President generation to 12 GW by 2030 and become one
Plant Infrastructure Fund (KBSPIF), worth Moon unveiled plans to raise the country’s of the world’s top five offshore wind power
2.8bn baht, scheduled to be available from wind power generation to 12GW by 2030. The producers.
Aug 4-7, to expand its investment. country’s capacity currently stands at 124MW. The Ministry of Trade, Industry and
“The price of the IPO shares are set at 10 Having begun its research on offshore Energy (MOTIE) announced on July 17
baht per share,” said Pijittra Trirattanathada, wind power technology in 2005, Doosan that it has signed an agreement with the
Krungthai Bank’s senior vice-president for Heavy Industries & Construction is currently parties involved in the project, including
investment banking. the only company here that can solely the governments of North Jeolla Province,
Returns for investors will be based on manufacture offshore wind power generators. Gochang County and Buan County, and
revenue from the electricity sales of 22MW It has supplied 79 offshore wind turbines Korea Electric Power Corp. (KEPCO), and
and 3.5MW to Electricity Generating across the country, with the total amount of Korea Wind Power.
Authority of Thailand and KBS, respectively, orders worth 660bn won so far. The ministry plans to start the construction
under 20-year contracts, scheduled to end in South Korea earmarked 14 trillion won for of a 400 MW plant and a 2 GW plant in 2022
2039. building offshore wind farms with a capacity and 2023, respectively. The project will cost 14
of 2.4GW on its southwestern coast by 2028 to trillion won in total.
supply power to around 2.24mn households. Although the central government and local
The total budget will be raised from the governments signed a development agreement
WIND private sector. regarding the wind power project in 2011,
little progress had been made until the
South Korea to increase construction of a test bed complex began in
2017 due to difficulties in securing residents’
wind energy generation to WIND agreement.
When the large-scale offshore wind power
12GW by 2030 South Korean government complex project is completed in 2028, it will
have a production capacity of 2.46 GW, which
Doosan Heavy Industries & Construction to promote offshore wind is enough to supply electricity to 2.24mn
plans to see its offshore wind power business households.
generate around 1 trillion won ($831mn) in farm off North Jeolla Meanwhile, global offshore wind power
annual revenue by 2025. generation reached 29.1 GW in 2019, with
CEO Park Gee-won said his company Province Europe and China accounting for the lion’s
would contribute to creating South Korea’s share. Currently, Japan and Taiwan are also
ecosystem for offshore wind turbines as a The South Korean government will build a 2.4 focusing on developing offshore wind power
leading company in the field and pledged to GW offshore wind farm in waters off North farms. Global offshore wind power generation
be actively get on board with the government’s Jeolla Province. is expected to increase six-fold to 177 GW by
Green New Deal. The South Korean government is 2030.
“The domestic market is expected to grow promoting the construction of a 2.4 GW

Week 29 22•July•2020 www. NEWSBASE .com P13