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In a $672.5 million plan, the Jeju Energy Corporation is planning to develop 230 MW more capacity on Jeju island, helping turn it into a carbon-free zone.
Asia Pacific Nuclear Energy (APNE) 2025
The project will be separated into its land and offshore elements. Some $162.34 million will be invested in land-based facilities, whilst $510.2 million will go into constructing offshore wind platforms.
The extension to the Jeju facility is estimated to produce 591 300 MWh of electricity per year and make somewhere close to $145.6 million in the way of profits.
The land project will be financed by using existing profits with additional bank loans, whereas the offshore project will be funded by flotation on the stock market based on project future sales over three to four years, as well as public funds.
The project is expected to be completed by 2020, and is located within a wider framework of development planned by the JEC, which will hopefully increase the power generation capability further still to 1855 MW by 2030.