South Korea is entering the offshore wind power game with quite an impressive first play. The 2.5 GW project will cost about $8.2 billion to build.
The wind farm will be built off the southwestern coast of South Korea will include about 500 turbines and is expected to be completed by 2019. Companies like Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering are constructing the turbines. The government is coordinating the project and putting up a large chunk of the price, but private investors will need to finance the remainder.
The purpose of the wind farm isn't just to add renewable energy to South Korea's grid, but to give some of the area's machinery makers (like Samsung, Hyundai and Daewoo) experience in building wind farms so that South Korea can become a major wind turbine exporter.
The government has committed to a five-year plan that will see it investing $36 billion in renewable energy to help it to become more energy independent and to stake its claim in the renewable energy market.
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