Woori Bank will provide financing for the Jeonbuk Gochang offshore wind power project, which has a total project cost of 400 billion won.

Woori Bank said on Aug. 7 it signed an agreement on Aug. 6 at the Jeonbuk Special Self-Governing Province government office with the province, Gochang County, the National Credit Union Federation of Korea, Dongchon Wind Power and others to promote regional industry using productive finance support.

The Gochang offshore wind power project has a total project cost of 400 billion won. It will build and operate a 76.2-megawatt offshore wind farm in public waters off Gochang County in Jeonbuk. The electricity produced is expected to be supplied directly and indirectly to the province’s advanced strategic industries, including its Physical AI Valley, a robot manufacturing parts cluster and a mobility cluster.

Woori Bank will supply funds to the project by combining loans with an investment from its self-established Woori Regional Development Infrastructure Fund. It plans to provide financial support throughout the project process, from feasibility reviews at the early permitting stage to raising project financing and the start of construction.

The agreement will also serve as a basis for mid- to long-term cooperation for the offshore wind industry in the Jeonbuk region. The offshore wind expansion complex in Jeonbuk’s southwestern area is set to expand in stages to 200 megawatts, 800 megawatts and 1 gigawatt in the future.

Woori Bank plans to continue cooperation with Jeonbuk Special Self-Governing Province and expand the supply of productive finance for regional infrastructure projects, including offshore wind.

Je-yeon Wang (왕제연), deputy head of Woori Bank’s Infrastructure Finance Department, said, "Following the 'Jeonbuk Innovation City Woori WON Finance Town,' we strengthened cooperation with Jeonbuk Province based on our renewable energy financial arranging capabilities." He added, "We will create cases of productive win-win finance going forward."