South Korea plans to spend $43.2 billion to build 8.2 GW of offshore wind farms

South Korean President Moon Jae-in on Friday announced an investment deal to build an 8.
2 gigawatt offshore wind farm
in Sinan, Jeollanam-do.

Moon said the project will require an investment of about 48.
5 trillion won ($43.
2 billion/36 billion euros) by the end of 2030 and will create about 120,000 jobs
.
Mokpo City is considered the center of offshore wind power, while Lingyan and Sinan will become new manufacturing bases
.

The President noted that the Sinan offshore wind project will be about
seven times larger than the largest power plant of its kind in the world.
The 8.
2 GW generating capacity is equivalent to the capacity of six new nuclear power plants
.

South Korea has set a goal
of becoming one of the world's five offshore wind power markets by 2030.
To that end, it hoped to reduce the time required to move the latest project to the construction phase and would issue special laws to further support the development process
.