Project Overview

A project to build Korea’s largest renewable energy power generation complex (3GW equivalent to 3 nuclear power plants) in the Saemangeum area.

Expected Effects

  • 1
    Economic effects

    - Employment: 97,474 persons
    - Production: KRW 25.44 trillion
    - Value-added: KRW 6.98 trillion
    * Based on 4GW as calculated by Jeonbuk Institute using the BOK’s
    Industry Relations Table

  • 2
    Replacement of fossil fuels

    An annual production of 4,679 GWh of electricity that can meet the demand of 1.7 million households

  • 3
    GHG reduction

    - (At 3GW) 6,877Wh of electricity generation (2.4 million households)
    - (At 3GW) Reduction of 2.07 million tons of GHG (300 million pine trees)

Project area

  • Project area

    9.4% of the total ​​Saemangeum area

  • Project period

    18-25 years
    (*Solar power project for the MAFRA: ~2030)

  • Project budget

    KRW 6.6 trillion (all private investment)

Project contents

Project contents(Description, Capacity(GW), Project schedule, Location)
Description Capacity(GW) Project schedule Location
Onshore solar power
0.2 Saemangeum Development Corporation 1
0.1 Gunsan-si
Floating solar power
Phase 1
0.5 Saemangeum Development and Investment Agency 2
0.4 Jeonbuk, Gunsan, Gimje, Buan
0.3 Korea Hydro & Nuclear Power
Phase 2
0.9 Saemangeum Development and Investment Agency 3,4
Wind power 0.1 Private 5
Fuel cells 0.1 under review 6
Total 2.6

Project History

  • 2018.10 Declaration ceremony for the Saemangeum Renewable Energy Vision
  • 2019.04 The implementation plan for the public waters approved for offshore wind power
  • 2019.04 The regional win-win plan finalized about the Saemangeum renewable energy project
  • 2019.04 The pilot project (100MW) approved for onshore photovoltaic power generation
  • 2019.07 Designated as a preferred negotiator for the pilot project for onshore photovoltaic power generation (100MW)
  • 2019.07 The 2.1GW floating solar power plant project approved (Electricity Regulatory Commission, MOTIE)