KB Kookmin Bank Selected as Preferred Negotiator for Jeonbuk Offshore Wind Project

KB Kookmin Bank is accelerating its investments in renewable energy projects in line with the government's carbon neutrality and energy transition policies.

On July 1, KB Kookmin Bank announced that its consortium has been selected as the preferred negotiator for the public project to develop the 'Jeonbuk Southwest Offshore Wind Expansion Zone 1,' led by the Jeonbuk Special Self-Governing Province.

This project aims to develop an offshore wind farm with a total capacity of 2.5 gigawatts (GW) in the waters off Buan County, with an initial focus on 800 megawatts (MW). It will be a public-led offshore wind project, with public institutions holding more than 50% of the shares.

The consortium, led by Korea Hydro & Nuclear Power, includes ten companies: Korea East-West Power, Korea Electric Power Corporation (KEPCO) KPS, Korea Electric Power Technology, Hanwha Ocean, Doosan Enerbility, IBK Financial Group, Samil C&S, Central Marine Industrial, and KB Kookmin Bank. The consortium plans to finalize the project after signing an implementation agreement with the Jeonbuk Special Self-Governing Province.

Since the bidding process began, KB Kookmin Bank has been jointly providing financial advisory services with IBK Industrial Bank, assisting in project structure review and financing strategy development. In the future, the bank plans to play a role in financing during the project financing (PF) phase.

A representative from KB Kookmin Bank stated, "This project is a prime example of a public offshore wind initiative that simultaneously realizes the government's energy transition policy and revitalizes the local economy. We will continue to contribute to the development of the national future growth industry and the domestic offshore wind ecosystem through productive finance."