A joint venture (JV) of SK E&S and Copenhagen Infrastructure Partners (CIP) has reached financial close on the South Korea Jeonnam 1 offshore wind project.

Located offshore Shinan County in Jeonnam province, the 99MW wind facility will come online by the end of 2024.

The partners are also building the Jeonnam 2 and Jeonnam 3 offshore wind projects, with a combined capacity of 800MW.

Along with Jeonnam 1, they will help the country reach its 2030 target of 14.3GW of offshore wind power.

Jeonnam 1 COO Jesper Krarup Holst stated: “We are delighted to reach this milestone and enter the construction phase together with our JV partner and the project team.

“Together, we have demonstrated the power of close collaboration across companies and cultures to resolve tough challenges, to reach financial close and to support Korea in its efforts to achieve its ambitious renewable energy goals.”

The project is being developed by a joint team of SK E&S and Copenhagen Offshore Partners (COP). COP is the exclusive offshore wind development partner of CIP.

Jeonnam I will be the first commercial-scale offshore wind project in South Korea.

CIP senior partner Torsten Lodberg Smed stated: “Korea has a vast potential for offshore wind and CIP has, since entering the Korean market in 2018, invested significantly in developing the country’s wind power projects in multi-gigawatts scale and its supply networks, and fostering a strong industry ecosystem.

“We are proud to have reached financial close and be entering the construction phase on Jeonnam 1, and look forward to completing this landmark project together with our partners.

“CIP is also pursuing partnerships in Korea regarding the development and supply of blue and green ammonia into Korea to facilitate Korea’s green transition further”.