Korean Power Player Takes Stake in 390MW Sinan Ui

Why It Matters

The deal accelerates Korea’s offshore wind capacity, supporting its 60% carbon‑free generation goal and positioning domestic firms in a rapidly expanding renewable market.

Key Takeaways

• Korea Midland Power invests €890 m in 390 MW Sinan Ui
• Project slated for commercial operation by February 2029
• First Korean offshore wind using 15 MW‑class turbines
• Expected to power ~290,000 households, reducing emissions
• Backed by National Growth Fund, boosting domestic wind ecosystem

Pulse Analysis

Korea’s offshore wind sector received a significant boost this week as Korea Midland Power injected €890 million into the 390 MW Sinan Ui project. The investment not only secures a sizable equity position but also signals confidence in the country’s ability to develop large‑scale renewable assets using domestic financing and engineering expertise. With construction slated to begin in April and commercial output expected by early 2029, the project will add a critical chunk of clean capacity to the national grid, helping meet rising electricity demand while displacing fossil‑fuel generation.

Technical differentiation sets Sinan Ui apart: it will be the first Korean offshore wind farm to deploy 15 MW‑class turbines, a size previously reserved for European markets. These high‑capacity machines reduce the number of foundations required, lowering both installation costs and environmental impact. The project’s total budget of €1.9 billion, largely funded by local banks and the National Growth Fund, underscores a strategic shift toward homegrown EPC contracts, fostering a robust supply chain and creating skilled jobs in the region. The anticipated output can serve roughly 290,000 households, translating into measurable CO₂ reductions aligned with the country’s climate commitments.

From a market perspective, the Sinan Ui stake acquisition reinforces Korea’s ambition to achieve 60% carbon‑free electricity by 2040 and a 70% greenhouse‑gas cut. By rallying major conglomerates such as Hanwha Ocean, SK E&S and Hyundai Engineering, the project exemplifies collaborative financing models that could become standard for future offshore ventures. The National Growth Fund’s involvement also highlights governmental backing for renewable infrastructure, likely encouraging further private investment and positioning Korea as a competitive player in the global offshore wind arena.

Korean power player takes stake in 390MW Sinan Ui

€890 m investment sealed in offshore wind farm due online in 2029 · 11 February 2026

Korea Midland Power has invested €890 m to acquire a stake in the 390 MW Sinan Ui offshore wind project off the south of Uido in Sinan County, South Jeolla Province.

The company acquired 96.1 million new shares as part of the scheme, which has a total projected cost of about €1.9 bn and aims to start commercial operation in February 2029.

The project (illustrated) has completed financing and is preparing to start offshore construction in April, and will have the capacity to supply power to about 290 000 households, according to the company.

It has also been selected as the first investment project for the National Growth Fund in recognition of its public value.

Strategic investors include Korea Midland Power, Hanwha Ocean, SK E&S and Hyundai Engineering & Construction.

Korea Midland Power plans to lead stable operations by providing offshore‑wind operation and auxiliary‑equipment management services once the project is completed.

The latest investment follows the completion of the 100 MW Hallim offshore wind farm last year and strengthens the company’s position as a leading renewable‑energy developer.

The move also supports its medium‑ and long‑term targets of achieving 60 % carbon‑free energy generation and a 70 % greenhouse‑gas reduction by 2040.

“This project is meaningful as it is the first offshore wind project in Korea to operate 15 MW‑class large wind turbines,” said Lee Young‑jo, president of Korea Midland Power.

“As the project is being pursued using domestic financing and EPC, we will do our best as a public corporation to contribute to revitalising the domestic wind‑power industry ecosystem,” Lee added.