Woori Bank is set to provide financial support for the offshore wind project in Gochang, Jeonbuk, combining loans and fund investments.
On August 7, Woori Bank announced that it has signed a memorandum of understanding (MOU) with Jeonbuk Province, Gochang County, the Central Cooperative Federation, and Dongchon Wind Power to utilize productive finance for regional industrial development.
The agreement aims to supply financing for the construction of offshore wind infrastructure in Gochang, thereby revitalizing the renewable energy industry and local economy in Jeonbuk.
The Gochang offshore wind project involves the construction and operation of a 76.2-megawatt (MW) offshore wind farm in the shared waters of Gochang County. The generated electricity is expected to be supplied directly and indirectly to advanced strategic industries, including physical artificial intelligence (AI) valleys, robotics manufacturing clusters, and mobility clusters.
Woori Bank plans to provide project funding by combining loans with its own 'Woori Regional Development Infrastructure Fund,' intending to bear the largest financial burden among participating financial institutions.
From the initial permitting stage through business feasibility assessments, project financing procurement, and construction, Woori Bank will offer financial consulting and support throughout the entire process. The goal is to create a productive finance model that enhances the industrial foundation of the region, going beyond simple lending.
Wang Je-yeon, Deputy Head of Woori Bank's Infrastructure Finance Division, stated, "We will create a case of productive and mutually beneficial finance that leads to regional industrial development."
* This article has been translated by AI.
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