Korea weighs shifting offshore wind from permits to execution
A seminar explored the reasons behind the significant gap between offshore wind project permits (36GW) and operational capacity (0.35GW) in Korea, identifying policy, grid connection, social consensus, and economic infrastructure as key bottlenecks.
Our take
Will Korea's offshore wind permits turn into financed projects, or remain at the permit stage?
Korean offshore wind permits are not yet turning into financed projects at scale, because about 1% of permitted capacity operates and the main bottlenecks sit largely outside a developer's control.
Shared grid connection is the one bottleneck with measures under way, through a law effective 16 March 2027 that lets shared connection builders obtain bundled permits and 19.6 billion KRW in the 2027 budget proposal. Neither measure addresses fisheries consent, financing costs or installation vessels.
For investors — Offshore wind developers and equity investors should value a permit by its grid connection date and consent status, not by its megawatts.
Lenders should expect diligence to centre on early site surveys and project certification covering turbines, foundations, cables and the offshore substation, as a certification body argued at the seminar.
Watch: Ongoing discussions and expert recommendations for improving the execution and bankability of offshore wind projects in Korea.
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