Next-generation installation vessel to support construction as completion targeted for 2029
As South Korea accelerates its energy transition, offshore wind power is emerging as a key pillar of the nation's renewable energy strategy. Beyond power generation, the industry is fostering a domestic supply chain encompassing engineering, construction, installation, and equipment manufacturing, positioning Korean companies to compete in the global offshore wind market.
Hanwha Ocean announced on July 16 that it has officially commenced construction of the Sinan Ui Offshore Wind Farm with a groundbreaking ceremony held in Sinan County, Jeollanam-do.
The Sinan Ui Offshore Wind Farm is a 390MW offshore wind project located off the coast of Uido-ri, Docho-myeon, Sinan County. Scheduled for completion in 2029, the project is one of South Korea's flagship renewable energy initiatives aimed at supporting the nation's carbon neutrality and energy transition goals.
The project was selected as the inaugural investment project of both the National Growth Fund and the Future Energy Fund. With the exception of wind turbines, major equipment will be procured through domestic suppliers, while the project has successfully secured project financing (PF) backed entirely by Korean capital.
The development is expected to provide a stable electricity supply for industrial complexes in the region while stimulating the local economy, creating jobs, and strengthening South Korea's offshore wind industry ecosystem.
Hanwha Ocean serves as both the project developer and the lead engineering, procurement, and construction (EPC) contractor, overseeing the project's entire lifecycle, including project development, permitting, financing, engineering, procurement, and construction.
Hyundai Engineering & Construction is participating as an EPC partner, while Korea Midland Power (KOMIPO) will operate the wind farm for 25 years following its completion, ensuring long-term electricity generation and operational management.
To further strengthen its offshore wind capabilities, Hanwha Ocean is investing approximately KRW 800 billion in the construction of a next-generation Wind Turbine Installation Vessel (WTIV). The vessel is expected to be deployed for the Sinan Ui Offshore Wind Farm, enabling the company to enhance both its EPC execution capabilities and offshore installation expertise while reinforcing the competitiveness of Korea's offshore wind supply chain.
Industry experts note that offshore wind development extends far beyond turbine manufacturing, encompassing foundations, subsea cables, installation vessels, ports, and maintenance infrastructure. Companies capable of delivering integrated project execution—from development and engineering to construction and operations—are expected to gain a competitive edge in the rapidly expanding global offshore wind market.
"The Sinan Ui Offshore Wind Farm is a significant project that will enhance the competitiveness of Korea's offshore wind industry through domestic technology and supply chains," a Hanwha Ocean official said. "We will continue contributing to the growth of Korea's offshore wind ecosystem and energy transition while creating new opportunities in the global offshore wind market."
The groundbreaking ceremony was attended by Kim Sung-hwan, Minister of Climate, Energy and Environment; Min Hyeong-bae, Special Mayor of the Gwangju-Jeonnam Integrated Metropolitan Government; Kim Tae-sung, Mayor of Sinan County; Lee Jae-gak, Mayor of Jindo County; as well as representatives from the Financial Services Commission, financial institutions, shareholders, and other project stakeholders. Participants celebrated the launch of what is expected to become one of South Korea's landmark offshore wind developments.
