Thai Conglomerate Invests in 740 MW Wind Projects Offshore South Korea

Thailand-based multinational conglomerate B. Grimm Power (BGRIM) has decided to expand its renewable energy business through investments in Nakwol Wind and Hanbit Wind, two offshore wind projects in South Korea that have a combined installed capacity of 740 MW.

According to the CEO of BGRIM, Harald Link, B. Grimm Power Korea, a wholly-owned subsidiary of the company, has invested USD 35.7 million in Nakwol Blueheart (Nakwol Wind) to acquire 49 per cent of the company’s issued shares.

Nakwol Wind is responsible for the Yeonggwang Nakwol offshore wind project, which has an installed capacity of approximately 365 MW.

Nakwol Wind secured a grid connection agreement from Korea Electric Power Corporation (Kepco) and a long-term renewable energy certificate (REC) sale and purchase agreement from Korea Southern Power, a wholly-owned subsidiary of Kepco, which would last for 20 years from the project’s commercial operation date.

In addition, BGRIM invested USD 25.2 million in Hanbit Wind Power (Hanbit Wind), the entity behind the Yeonggwang Hanbit offshore wind project, acquiring 49 per cent of the company’s issued shares.

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The approx. 375 MW project has also obtained a grid connection agreement from Kepco and is undergoing the process of obtaining the required permits and licences from the relevant government agencies, according to BGRIM.

Both offshore wind projects are located in Nakwol-myeon, Yeonggwang-gun, South Jeolla Province, and are ready to enter the construction phase.

The commercial operation date for Yeonggwang Nakwol and Yeonggwang Hanbit is scheduled for December 2025 and December 2026, respectively.

South Korea has a target of reaching 14.3 GW of offshore wind power by 2030 and has pledged to achieve carbon neutrality by 2050.

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