Pacifico to Invest More Than $1Bn in Korean Offshore Windfarms

US-based Pacifico Energy has submitted an investment declaration worth more than 1 billion dollars for its Manho and Jindo Baram offshore wind projects in Korea. Submitted to South Korea's trade ministry at a US investment ceremony in Washington, the declaration covers the second and third phases of the company's 3.2 GW offshore wind cluster off Jindo County. The projects will supply clean power to the Jeonnam-Gwangju region and support a major semiconductor cluster.

 

Details of the Declaration

 

Pacifico Energy has committed major investment. It submitted a declaration worth over 1 billion dollars. This covers two offshore wind projects. These are the Manho and Jindo Baram projects. Both are located in Korea.

The declaration was formally submitted. It went to South Korea's trade ministry. This occurred at a US investment ceremony. The ceremony took place in Washington DC. It was hosted by Korean government bodies.

 

Building on Prior Commitment

 

The declaration extends earlier investment. It was the company's second such declaration. The first came in 2024. That covered the Myeong Ryang project. It also addressed regional supply chain development.

The projects have substantial scale. Manho is a 990-MW offshore wind project. Jindo Baram is a 1.8-GW project. Together they represent significant capacity. This builds on the company's earlier commitment.

 

The Wider Cluster

 

The projects form part of a larger cluster. The company is developing a 3.2 GW cluster. This sits off the coast of Jindo County. It is among the largest in the Asia Pacific. It comprises three offshore wind projects.

The cluster has three phases. Myeong Ryang is the first phase. It has secured an electricity business licence. Manho is the second phase. Jindo Baram is the third phase.

 

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Recent Project Selection

 

The two projects were recently selected. This occurred in August. They were chosen as sole projects. This was for a government-designated cluster. The cluster covers 2.13 GW of capacity.

The projects serve regional energy needs. They will provide green power. This benefits the Jeonnam-Gwangju region. A major semiconductor cluster also benefits. This links the projects to industrial development.

 

Significance of the Investment

 

The investment supports Korea's energy goals. Company leadership cited the energy transition. The portfolio will supply clean energy. This bolsters Korea's export competitiveness. It also supports key industrial infrastructure.

The company brings relevant experience. It has developed large projects in the US. These include a major data centre campus. This experience informs its Korean work. It positions the company for large-scale development.