(from left) Dukryul Park, director general for cross-border investment policy at the Ministry of Trade, Industry, and Energy of South Korea; Seung-Jun Lee, head of project development at Pacifico Energy Korea; William Nathan Franklin, CEO and chairman of Pacifico Energy Group; Duk-geun Ahn, minister of trade, industry and energy of South Korea; Seung-Ho Choe, representative director of Pacifico Energy Korea; Mary Tarnowka, strategic advisor of Pacifico Energy Group; and Tae Hyung Kim, commissioner of Invest Korea of the National Investment Promotion Agency pose for a photo together at an investment declaration ceremony in Washington, D.C. on June 26 (local time).
Washington D.C., USA (June 28, 2024) – Pacifico Energy signed an investment declaration (“Investment Declaration") worth several hundred billion Korean Won during an “Investment Declaration Ceremony" held by South Korea's Ministry of Trade, Industry and Energy (MOTIE) in Washington, D.C. This investment will be fully allocated to the 420 MW Myeong Ryang Offshore Wind Project, which Pacifico Energy Korea is developing in Jindo County in South Jeolla Province, and to the development of the domestic offshore wind supply chain in South Jeolla Province.
The Investment Declaration Ceremony was held on June 26, 2024 at the Westin Georgetown Hotel in Washington D.C. The ceremony was attended by Ahn Duk-geun, South Korea's Minister of Trade, Industry and Energy; William Nathan Franklin, President and CEO of Pacifico Energy; and Seung-Ho Choe, Representative Director of Pacifico Energy Korea. At the ceremony, Pacifico Energy submitted its Investment Declaration to the South Korean Minister of MOTIE. Pacifico Energy has now become the first U.S.-based renewable energy company to commit to a large-scale investment in the Korean offshore wind sector. The successful completion of the Myeong Ryang Offshore Wind Project with this investment will represent a significant milestone for the Korea-U.S. partnership in accelerating the green energy transition.
Pacifico Energy is a U.S.-based renewable energy company specializing in the development of solar, wind, hydrogen, and energy storage system projects in the U.S. and the Asia-Pacific region. Since 2012, Pacifico Energy has accelerated the “green transition" of the emerging Asia-Pacific market with a market-leading presence in Korea, Japan, and Vietnam. In the Asia-Pacific region alone, Pacifico Energy has over 1.5 GW of renewable energy projects in operation or under construction, along with a pipeline of over 10 GW of offshore wind projects under development.
In 2018, Pacifico Energy established its Korean subsidiary, Pacifico Energy Korea, signaling its entrance into the Korean renewable energy development market. Pacifico Energy Korea is developing a 3.2 GW offshore wind project cluster in Jindo County, South Jeolla Province, one of the largest offshore wind project clusters of its kind in the Asia-Pacific region.
William Nathan Franklin, CEO and Chairman of Pacifico Energy, said: “We are optimistic about the green transition in the Asia-Pacific region and the future of offshore wind in South Korea. South Korea holds significant potential to become an 'offshore wind hub' in the Asia-Pacific region. Leveraging the Korea-U.S. partnership to accelerate the green energy transition, Pacifico Energy is making substantial investments in the 3.2 GW Jindo Offshore Wind Projects Cluster, including the Myeong Ryang Offshore Wind Project and the development of the offshore wind supply chain in South Jeolla Province, which will contribute to South Korea's goal of being carbon neutral by 2050."
Seung-Ho Choe, Representative Director of Pacifico Energy Korea, stated: “With this investment declaration, we aim to accelerate the Myeong Ryang Offshore Wind Project and spearhead the development of the offshore wind industry in South Jeolla Province and Jindo County. As a leading renewable energy developer in the Asia-Pacific region, Pacifico Energy is dedicated to establishing and strengthening collaborations with South Korean suppliers to develop a robust offshore wind supply chain in South Jeolla Province. We remain committed to supporting South Korea's efforts to enhance its position in the Asia-Pacific offshore wind industry."
Pacifico Energy Korea's 3.2 GW offshore wind project cluster consists of three offshore wind projects: Myeong Ryang Offshore Wind (420 MW), Manho Offshore Wind (990 MW), and Jindo Baram Offshore Wind (1.8 GW). The Myeong Ryang Offshore Wind Project, as the first phase of the overall cluster, is currently undergoing the Electricity Business License application process. Myeong Ryang Offshore Wind will undertake a geotechnical survey, an environmental impact assessment (EIA), and seek permission for the occupation and use of public waters after obtaining an Electricity Business License. Pacifico Energy Korea expects to commence construction in 2025 and commercial operation by 2032.
Source: Businesskorea.co.kr
06/28/2024
