Friday, November 12, 2010

South Korea Plans for a $8.2 Billion Offshore Wind Farm

With the Earth covered with mostly water... this plan makes perfect sense.
South Korea's $8.2 billion off shore wind farm will consist of 500 turbines built off the west coast by 2019 and is said to generate 2,500 megawatts of electricity when finished.
The project will be developed near the southwestern counties of Buan and Yeonggwang by Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering, and current plans project the construction of 500 turbines. The project will be partly funded by the South Korean government, but a large amount of the investment will come from private firms and investors. South Korean machinery firms such as Samsung Heavy Industries and STX Heavy Industries are also expected to aid in the wind farm’s development, as they are both hoping to gain a foothold in the lucrative global wind power market.

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