AMSCAP, G8 along with SOWP will jointly work on the offshore wind project from a financial and a technical perspective


Image: AMSCAP with its partners plans to develop offshore wind in South Korea. Photo: courtesy of Amsterdam Capital Partners.

Amsterdam Capital Partners (AMSCAP), G8 Subsea (G8), the Saemangeum Development and Investment Agency of Korea (SDIA) and Saemangeum Offshore Wind Power (SOWP) have joined forces to develop renewable energy in the Saemangeum Industrial Complex, on the west coast of South Korea.

The partners plan to develop up to 2.7GW floating solar capacity and 300MW of offshore wind.

The renewable energy complex will be located behind the world’s longest seawall.

AMSCAP, G8 along with SOWP will jointly work on the offshore wind project from a   afinancial and a technical perspective.

G8 founder and managing director Gerald Tan said: “With an already proven track record in South Korean Offshore Windfarms, G8 aims to develop this as a leading platform in Asia to accelerate the financing and construction of projects in this region.

“Our Finance to Build program to Saemangeum is a unique proposal that allows us to help developers accelerate the development towards earlier commission and profitability of their offshore wind projects.”

SDIA is a central government agency of Korea

SOWP has developed a 100MW fully permitted offshore wind project known as ‘SOWP’, which is in the final development stage, with all permits and regulatory approvals in place.

SDIA is a central government agency of Korea, which is responsible for the Saemangeum Project, a national development project established in 2013 by executive order.

It is in charge of administrative services and provides Master Planning, Coordination to Investment Attraction and Promotion for the Saemangeum project, which is a 409km² reclaimed area located at the centre of West Coast of Korea.

AMSCAP founder Michael van der Heijden said: “SOWP has clearly paved the way for offshore wind in Korea and we are very excited to contribute our structuring expertise and bringing financial partners to the region to execute this project and the further offshore wind plans.”