South Korea, 31st January, 2024 — K2 Management (K2M), a leading energy transition project management and engineering consultancy, has been selected as the Owner’s Engineer for the MyeongRyang Offshore Wind project, a venture led by Pacifico Energy Korea (PEK), subsidiary of American renewable energy developer Pacifico Energy.
The MyeongRyang Offshore Wind project is the initial phase of a larger 3.2GW offshore wind complex off the coast of Jindo-gun, Jeollanam-do in South Korea. The MyeongRyang Offshore Wind project involves the construction of a fixed offshore wind farm with an installed generation capacity of approximately 420MW. Set to commence construction in 2028, the wind farm is poised to play a pivotal role in South Korea’s ambitious target of installing 14.3GW of offshore wind by 2030.
K2 Management’s role as Owner’s Engineer for the MyeongRyang Offshore Wind project encompasses support in overall project management. This includes conducting wind analysis, metocean studies, conceptual designs, and preparing and selecting contractors for site investigation. K2M will continue to offer technical support throughout the site investigation process, as well as assistance in obtaining permits. With work having begun in December 2023, K2M is expected to be actively involved until 2025.
Jake Jung, Country Director for South Korea at K2 Management, said: ”South Korea continues to build a strong offshore wind market, and the recent auctions last year are a positive reflection of the nation’s goals. We are incredibly proud to be able to contribute to that growth by supporting PEK in the first phase of their major 3.2GW wind complex, a project that will play a crucial role in helping the country decarbonise. By leveraging our international consultants, local expertise and collaborating closely with PEK’s team, we are well-positioned to ensure the successful development of this project.’
“The MyeongRyang Offshore Wind project is a significant development that demonstrates the vast potential of offshore wind power in South Korea”, said Seoung-Ho Choe, Representative Director/CEO of PEK. “This marks our inaugural venture into offshore wind in the country, and one of the largest offshore wind projects in Korea, and we’re excited to initiate the first phase of this project. Drawing upon K2 Management’s expertise and extensive experience in global offshore wind projects, we are confident in ensuring its success.“
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About K2 Management:
K2 Management supports its clients in their efforts to develop and operate sustainable energy projects that achieve the best possible return on investment.
It delivers a wide range of services within engineering, planning, project management, and due diligence spanning the entire value chain of an energy project; from the earliest phase of development, through construction as well as maximizing operations with asset management.
K2 Management is headquartered in Denmark with over 15 global offices, and its experienced team has been involved in more than 3,100 successful offshore wind, onshore wind and solar PV projects — in over 50 countries.
For more information, please see: www.k2management.com
About Pacifico Energy Korea:
Pacifico Energy, founded in 2012, is a US-based developer that has actively undertaken the construction and operation of renewable energy projects, boasting a total capacity exceeding 1.5GW across the Asia-Pacific region. The company has established corporate entities in the United States, South Korea, Japan and Vietnam.
In 2021, Pacifico Energy formed a joint venture, SSE Pacifico, in partnership with SSE Renewables, a prominent offshore wind energy developer and a subsidiary of the UK-listed SSE Group. SSE Pacifico is actively engaged in the joint development of 6GW offshore wind power projects in Japan.
Established in 2018, Pacifico Energy Korea has been at the forefront of renewable energy development in South Korea. The company has a portfolio boasting 240MW in solar power and over 5GW in offshore wind power. Embracing a commitment to sustainability and collaborative growth, Pacifico Energy Korea continues to expand its presence in the renewable energy sector, encompassing offshore wind, Energy Storage System (ESS), and green hydrogen.
