South Korea has unveiled a KRW48.5trn ($43.2bn) plan to build the world’s largest wind power plant, within a decade. The project is a major component of President Moon Jae-in’s Green New Deal, which was launched last year with the aim of reducing South Korea’s reliance on fossil fuels.
The plant will have a maximum capacity of 8.2 gigawatts. The project is high profile for the government and the president, but private companies are providing most of the cash. The companies will provide KRW47.6trn of the required funding, with the government contributing the remaining KRW900bn.
The aim will be to boost the country’s wind power capacity to 16.5 GW by 2030, from just 1.67 GW today.
Currently the world’s largest offshore wind farm is Hornsea 1 in the UK, which has 1.12 GW capacity.