Pacifico Energy Korea Gets Green Light for Myeong Ryang Offshore Wind Project
Pacifico Energy Korea has received the green light for its Myeong Ryang offshore wind project in South Korea. The Energy Business License (EBL) approval, along with confirmed site boundaries and capacity, enables the developer to proceed with key permitting processes. This marks a significant step towards the project's commencement in 2030 and commercial operations by the end of 2033.
Last year, Pacifico Energy Korea pledged a substantial investment of 480 billion KRW (USD 348 million) for the project. The Myeong Ryang project, the first phase of the 3.2 GW Jindo wind project cluster in Korea, is set to be the largest single-developer cluster in the Asia-Pacific region.
Geotechnical surveys on the Myeong Ryang site in South Korea are scheduled to begin in the fourth quarter of 2023. Following this, environmental and maritime safety assessments will be conducted to ensure the project's sustainability and safety.
With the EBL confirmation and site details secured, Pacifico Energy Korea can now advance its permitting processes. The Myeong Ryang project, a key component of the Jindo cluster in Korea, is poised to significantly contribute to South Korea's renewable energy targets. Despite no June collaborations with local governments being mentioned, the project's progress indicates a promising future for offshore wind energy in the region.
