A consortium involving KB Kookmin Bank has been selected as the preferred bidder for the Jeonbuk southwest offshore wind public project. KB Kookmin plans to support renewable energy infrastructure by providing financial advisory services and arranging project financing.

KB Kookmin said on Tuesday the consortium it joined was selected as the preferred bidder in a tender for a public project operator for the "Jeonbuk Southwest Offshore Wind Cluster 1" project promoted by North Jeolla Special Self-Governing Province.

The project aims to first develop 800 MW of a 2.5 GW offshore wind complex to be built in waters off Buan County in North Jeolla Province. It is a public-led offshore wind project in which public institutions hold at least 50 percent of the stake.

KB Kookmin joined the "Jeonbuk Offshore Wind Consortium" led by Korea Hydro & Nuclear Power. Other participants include Korea East-West Power, KEPCO KPS, Korea Electric Power Engineering, Hanwha Ocean, Doosan Enerbility, IBK Financial Group, Samil C&S and Jungang Ocean Heavy Industries.

The consortium plans to push ahead with the project in earnest after signing an implementation agreement with North Jeolla Special Self-Governing Province.

KB Kookmin carried out joint financial advisory work with Industrial Bank of Korea and plans to arrange financing in the project financing phase based on its experience in renewable energy finance.

A KB Kookmin official said, "This project is a representative public offshore wind project that achieves the government's energy transition policy and revitalisation of the regional economy at the same time." The official said the bank would contribute to future national growth industries and the development of the domestic offshore wind ecosystem.