Offshore wind power ecosystem shaken by Chinese capital
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The companies mentioned in connection with Chinese capital deny these allegations, saying that they are "groundless."
"The offshore wind business is currently unprofitable, but we have been steadily conducting research and development (R&D)," according to an official from a major company involved in the offshore wind business. "Small and medium-sized suppliers are also investing, but they are not making much money."
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According to industry sources on Tuesday, China Energy Engineering Corp. (CEEC) has made an indirect investment in a Korean renewable energy company that is pursuing a large-scale offshore wind project in the country’s west coast. It is reported that another Korean company, which holds 49 percent stake in the renewable energy company, received project financing (PF) from CEEC. The company raised about 1.5 trillion won ($1.09 billion) via CEEC‘s PF guarantee and plans to settle the project profits with CEEC once the offshore wind project under construction is completed.
CEEC is a Chinese state-owned enterprise, and reportedly plans to establish a joint venture (JV) for engineering, procurement, and construction (EPC) with another Korean company to carry out the construction of the offshore wind farm in question.
A Chinese state-owned enterprise is practically participating in a large-scale Korean offshore wind project. Chinese companies have been selected as suppliers for wind turbines and external submarine cables for this offshore wind farm.
Offshore wind power has a high generation cost, so the government-issued Renewable Energy Certificates (REC) function as an indirect subsidy. The offshore wind power plants are also guaranteed to sell electricity at a subsidized high price for 20 years through long-term fixed-price contracts.
“If a Chinese state-owned enterprise participates in the operation of a Korean offshore wind project, it will profit from the subsidies provided by our government, leading to an outflow of national wealth,” an industry insider said.
The companies mentioned in connection with Chinese capital deny these allegations, saying that they are “groundless.”
According to data obtained by Representative Ku Ja-keun of the People Power Party from the Korea Ocean Grid Industry Association, it is estimated that about 82 trillion won in government subsidies will be invested in offshore wind projects by 2036. This calculation considers the expansion of offshore wind power to approximately 14.3 GW under the government’s 10th Basic Plan for Electricity Supply and Demand.
Chinese companies are also penetrating the offshore wind equipment market by leveraging their price competitiveness.
All five offshore wind projects selected by the Korea Energy Agency in 2023 used turbines from foreign companies. Three of them were to be supplied by Denmark‘s Vestas, one by China’s Mingyang, and another by Germany‘s Ventis. Ventis is effectively a Chinese company, as it is 100 percent owned by China’s Goldwind.
The Korean wind power industry is concerned that the rapid influx of low-cost Chinese products will disrupt the domestic offshore wind supply chain.
“The offshore wind business is currently unprofitable, but we have been steadily conducting research and development (R&D),” according to an official from a major company involved in the offshore wind business. “Small and medium-sized suppliers are also investing, but they are not making much money.”
“We need policy support to enable the domestic ecosystem to become self-sustaining,” he added.
Others also caution against the entry of Chinese companies into the Korean offshore wind market from a national security perspective.
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