YIDO, Daewoo E&C to promote offshore wind power project

[Courtesy of YIDO Co.]

South Korea’s eco-friendly company YIDO Co. and Daewoo Engineering & Construction Co. announced on Tuesday that they will pursue an offshore wind power project together.

The duo signed an agreement on Monday at Daewoo E&C’s headquarters in Jung District, central Seoul. Under the agreement, the two companies will collaborate across Korean renewable energy projects, including the offshore wind project in Ongjin County, Incheon that YIDO is currently promoting.

The Incheon Ongjin Offshore Wind Power Project involves creating a wind farm with a total capacity of 400 megawatts (MW) about 44 kilometers west of Guleop-ri in Incheon’s Ongjin County. The project, which is estimated to cost around 2.4 trillion won ($1.81 billion), completed wind measurement as well as site consulting and is currently preparing to apply for a power generation business license.

YIDO is also seeking to secure approval for a 70 MW solar power project on saline farmland in Dangjin, with construction expected to begin in November 2024.

“Our company is an eco-friendly enterprise that focuses on waste management and renewable energy projects,” YIDO Chief Executive Officer Choi Jung-hoon said. “We aim to further develop the renewable energy sector, including solar and offshore wind power, to align with global standards for carbon neutrality alongside major Korean companies.”