South Korea is moving forward with the Sinan–Ui Offshore Wind Power Project as a cornerstone of its renewable energy expansion and regional industrial strategy. Backed by financing from the National Growth Fund, the project represents the country’s first large-scale offshore wind development to receive direct support under the government’s flagship mega-project framework.

The project involves the construction and operation of a 390-megawatt offshore wind farm in the waters south of Ui Island in Sinan County, South Jeolla Province. With a capacity equivalent to the electricity demand of roughly 360,000 households, the facility will provide a significant source of clean power. Construction is expected to take about three years, with commercial operations scheduled to begin in 2029.

Total investment for the Sinan–Ui project is estimated at 3.4 trillion won. Of this, 750 billion won will be supplied by the Advanced Strategic Industry Fund through long-term senior and subordinated loans with maturities of up to 19 years. The funding decision was approved by the National Growth Fund’s Investment Review Committee, marking the first financial deployment among seven designated mega projects.

The offshore wind farm is intended to support growing electricity demand from advanced industrial clusters in South Jeolla Province, including artificial intelligence data centers, secondary battery manufacturing, and hydrogen-related industries. By securing stable renewable electricity, the project is expected to strengthen regional energy security while contributing to Korea’s national carbon neutrality goals.

A defining feature of the Sinan–Ui project is its use of domestic capital and supply chains. Except for wind turbines, about 97 percent of key components—such as foundations, subsea cables, substations, and installation vessels—will be sourced from Korean companies. A domestically built turbine installation vessel is also being prepared, enhancing Korea’s offshore wind construction and operation capabilities.

The project adopts a community benefit-sharing model known as “wind income,” under which local residents can participate through investment and lending schemes. Additional annual revenues generated through resident participation will be shared with the community, with portions distributed via vouchers or local currency to support local economic activity.

With financing secured and construction preparations underway, the Sinan–Ui Offshore Wind Project is expected to play a pivotal role in expanding Korea’s offshore wind industry, promoting regional development, and reinforcing the country’s long-term energy transition strategy.