Seoul launches mega project to build offshore wind farm

Korea on Friday took its first step to become what it called the world's third-largest wind farm powerhouse that will cost over 10 trillion won ($9 billion) in total.

The 10.2 trillion won project will soon begin rolling as the Ministry of Knowledge Economy signed a memorandum of understanding with 15 companies, including the state-run Korea Electricity Power Corp., and two provincial governments to build an offshore wind farm in the western sea.

"This is an important project that requires complete cooperation and support of both the government and private sector as it will lead the country's economic growth and improve its national competitiveness in the future," Vice Minister of Knowledge Economy Kim Jung-gwan was quoted as saying.

Under the plan initially unveiled in November 2010, the government, along with developers, will first build what they called a "proving area" by 2014 in waters off the coast of southwestern Buan and Yeonggwang counties in North and South Jeolla Provinces to test 20 turbines, each generating five megawatts of electricity.

Additional turbines will be added to the site in two stages to bring up total generation to 500 megawatts by 2016 and 2,500 megawatts or 2.5 gigawatts by 2019, according to the ministry.

The power to be generated at the wind farm in 2019 will be enough to supply nearly 1.4 million homes or a city with a population of 5.6 million, it said. (Yonhap)