Jeju Offshore Wind Power Project Delayed After Bidder Withdrawal
The Chuja Offshore Wind Power Project in Jeju, expected to be the world's largest, faces delays after no applications were received for its second-stage evaluation. Initially involving Equinor, only Korea Midland Power applied but failed to submit a proposal. The project, aiming for 2.37 GW capacity and an investment of 24 trillion Korean won, must revise its plans due to withdrawal from interested bidders.
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The Chuja Offshore Wind Power Project in Jeju, anticipated to be the largest globally, has stalled after no bidders submitted applications for the second-stage evaluation. Norway's Equinor was expected to join, but only Korea Midland Power applied and then failed to submit a proposal before the March selection.
The project aims to build a 2.37 GW offshore complex with a planned investment of 24 trillion Korean won and operations starting in 2035. Withdrawal reasons include the exclusive power link requirement to Jeju, a significant annual profit-sharing fee, and jurisdictional disputes with South Jeolla. Jeju Province and Jeju Energy Corporation will analyze the public offering results to decide on future strategies.
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