Korea Southern Power (KOSPO) has announced a major renewable energy roadmap, aiming to deploy 11.2 gigawatts (GW) of clean energy capacity by 2040. The utility plans to focus investments on solar power projects-especially those utilizing salt-affected farmland-while taking major shareholder roles in public-led offshore wind developments.
On May 28, KOSPO hosted a "Renewable Energy Investment Briefing" at the Korea Chamber of Commerce and Industry in Seoul. The event brought together domestic and international financial institutions, project developers, and equipment suppliers to discuss the company's mid-to-long-term investment strategy and project implementation plans.
According to the briefing, KOSPO targets a cumulative renewable energy deployment of 3.4 GW over the next five years, building toward the 11.2 GW goal by 2040.
The company highlighted several competitive strengths, including:
The largest installed base of domestically manufactured wind turbines (115 units)
Top market share in Battery Energy Storage Systems (BESS) and floating solar projects
Ongoing technology demonstrations for next-generation Building-Integrated Photovoltaics (BIPV)
Short-term and Long-term Strategies
In the near term, KOSPO plans to directly invest in small-scale solar projects using idle land at existing power plant sites. For its mid-to-long-term strategy, the company intends to acquire significant equity stakes in public-led initiatives, including offshore wind farms and industrial complex solar projects.
Offshore Wind Pipeline
For offshore wind, KOSPO's strategy involves phased expansion of pilot projects, including 200 MW-class developments at Yawol (Yeonggwang) and Dadaepo (Busan), while maintaining a best-in-class capacity factor target of 97%. The company also aims to develop floating offshore wind farms along the East Coast by 2030 and expedite the designation of individual licensing projects as "Power Generation Districts" under South Korea's Special Act on Offshore Wind Power.
Onshore Wind and Large-Scale Solar
KOSPO plans to break ground on two onshore wind farms-Yubaeksan and Gangneung-in 2027. Simultaneously, the company is pursuing timely repowering of operational wind farms nearing end-of-life, including Hangyeong, Taebaek, and Changjuk.
Regarding large-scale solar, KOSPO is currently in consultation with the Ministry of Climate, Energy and Environment and local residents to develop solar projects on salt-affected agricultural lands in areas such as Jangheung.
Partnerships for Industry Ecosystem
KOSPO has signed Memorandums of Understanding (MOUs) with 11 organizations across five key sectors, including financial institutions, developers, and technology firms. Key agreements include:
Project financing partnerships with KB Kookmin Bank and others
Investment advisory services with Koramco and Alpha Asset Management
Major equipment supply for Yawol and Dadaepo offshore wind farms with Doosan Enerbility
Solar technology demonstration with Korea Institute of Materials Science (KIMS) and Solis Jangheung
Joint participation in ESS central contracting market with Bright Energy Partners
Source: Based on reporting by Reporter Jung Soon-young (original coverage of KOSPO's Renewable Energy Investment Briefing on May 28)
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