May 6 (Asia Today) -- South Korea is moving forward with a major offshore wind project valued at about $3.5 billion, with state-run power companies competing for development rights and a domestic turbine supplier emerging as the leading candidate.
Two consortiums - led by Korea Hydro & Nuclear Power and Korea Midland Power - have passed the first round of qualification for the project off the coast of Buan in North Jeolla Province, according to local authorities.
The project is part of a larger 1-gigawatt offshore wind complex approved as a renewable energy cluster, with about 800 megawatts to be developed under a public-led model.
Both consortiums include multiple subsidiaries of Korea Electric Power Corp. along with engineering and maintenance affiliates, reflecting a coordinated effort by state-backed energy firms.
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