SK E&S and Copenhagen Infrastructure Partners (CIP) have reached financial close on the 99-megawatt Jeonnam 1 wind project off the coast of Shinan County, Korea.
Jeonnam I is a 51-49 joint venture between SK E&S, one of the largest conglomerates in South Korea, and CIP, through its Copenhagen Infrastructure III (CI III) fund. The project is located in the Jeonnam Province in southwest Korea, and is expected to become the first Korean commercial-scale offshore wind farm to go into operation in 2024.
In 2017, Jeonnam Offshore Wind Power entered a grid connection agreement with KEPCO, the state-owned utility in South Korea, which will allow the project to connect to the grid during 2024. In 2022, Jeonnam I was awarded a 20-year fixed-price offtake agreement with Korea Hydro & Nuclear Power through Korea’s first wind offtake auction. Throughout 2022, the project also signed manufacturing and construction contracts with Korean suppliers, including Hyundai Engi