The “Shinan Ui Offshore Wind Power Generation Project,” the first investment destination of the National Growth Fund created under a government-led initiative with participation from corporations and the public, is set to begin in earnest.

The Financial Services Commission and the Ministry of Climate, Energy and Environment announced on the 9th that they had completed the formation of the financing syndicate for the Shinan Ui project and held a signing ceremony at the main building of Korea Development Bank in Yeongdeungpo-gu, Seoul. This project is the first renewable energy project to be promoted purely with domestic capital. Upon completion in February 2029, it will have a generation capacity of 390 MW (megawatts), sufficient to supply electricity for one month to approximately 360,000 households.

The total project cost is KRW 3.4 trillion, with participation from the National Growth Fund, the Future Energy Fund, and the Advanced Strategic Industry Fund. As the loan agreements have been concluded, fund disbursement will begin in the second quarter of this year (April–June) and will be injected sequentially in line with construction progress until completion. Kwon Dae-young, Vice Chairman of the Financial Services Commission, said, “Just as this project, which had been adrift for seven years, has gained full momentum after being selected as the first investment destination of the National Growth Fund, the National Growth Fund will serve as a breakthrough for innovative projects in other sectors as well.”

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