---
Sent From Bloomberg Mobile MSG
+------------------------------------------------------------------------------+
S. Korea to Invest $8.2 Billion in Offshore Wind Power (Update1)
2010-11-02 03:28:19.431 GMT
(Adds wind power companies shares in sixth paragraph.)
By Shinhye Kang
Nov. 2 (Bloomberg) -- South Korea, Asia's fourth-biggest
crude oil importer, plans to invest 9.2 trillion won ($8.2
billion) in offshore wind power farms by 2019 to meet growing
demand for clean energy.
The government and private companies will install 500 wind
turbines off the country's west coast with a total capacity of
2,500 megawatts, the Ministry of Knowledge Economy said in an e-
mailed statement today.
The nation joins China, Denmark, the U.S. and other
countries in developing offshore wind farms. Global offshore
wind power capacity totals 2.9 gigawatts, with 2.6 gigawatts
under construction and about 154 gigawatts planned or proposed,
according to the ministry.
The wind farms will give South Korean companies that want
to export equipment and facilities a chance to build up
experience and access to technology, the ministry said.
The ministry plans to install a 100-megawatt test farm by
2013. A 900-megawatt park is planned by 2016 and the ministry
wants to add 1,500 megawatts of further capacity by 2019.
Dongkuk Structure & Construction Co. and other wind power-
related companies gained in Seoul trading. Dongkuk Structure &
Construction, which makes forged products for wind power, was up
2.1 percent at 9,680 won at 11:09 a.m.
Hyunjin Materials Co., which makes wind-turbine parts, rose
3.6 percent to 20,200 won, while Yonghyun BM Co. gained 2.2
percent to 14,150 won.
For Related News and Information:
South Korean alternative energy stories: TNI KOREA ALTNRG <GO>
South Korea's energy statistics: ENST <GO>
Top energy stories: ETOP <GO>
--With assistance from Saeromi Shin in Seoul. Editors: Aaron
Sheldrick, John Viljoen.
To contact the reporter on this story:
Shinhye Kang in Seoul at +82-2-3702-1638 or
skang24@bloomberg.net.
To contact the editor responsible for this story:
Amit Prakash at +65-6212-1167 or
aprakash1@bloomberg.net.
