Wind energy currently meets a mere 1.5% of global electricity generation. But scientists foresee a lot of potential in this alternative energy source. Asian countries are also trying to embrace clean and green energy. South Korea is going for an ambitious off-shore wind farm amounting to $8.3 billion. This project will be executed at the western coast of the Korean peninsula taking a time period of ten years.
Currently South Korean companies such as Hyundai Heavy Industries, Samsung Heavy Industries, Doosan Heavy Industries & Construction, and Hyosung Corp. are taking keen interest in the production of wind turbines.
According to the Ministry of Knowledge Economy (MKE) this project will erect 500 wind turbines in the West Sea off the Jeolla province. All these turbines are supposed to produce 2,500 megawatts of energy a year. This amount of electricity will be sufficient for 3.5 million Busan residents for a full month. MKE director general Kang Nam-hoon says, “Basically, the scheme is composed of three phases. By 2013, we will have raised 20 5-megawatt turbines and add 180 by 2016 and 300 more by 2019.”
Kang Nam-hoon is quite hopeful that South Korea will register its entry into clean and green fuel with the completion of this project. He states, “On the back of the mega-sized project, we strive to preempt the ever-growing global green market and become one of the three powerhouses in the offshore wind power generation.”
Kang also thinks that this massive wind farm will force the world to sit up and take notice of the Korean technology and other countries will be glad to apply the advanced technology exhibited by this country. Kang also feels that South Korea will be able to fulfill the ever growing demands of alternative energy market. He expresses his views, “Many domestic companies are working on large-sized wind turbines. Offshore wind power generation has a shot at becoming the country’s future cash cow when it becomes mainstream technology.”
But MKE is not providing all the funds. They are hoping for the private companies to pool in their own money to complete the requirement of the $ 8.3 billion. The MKE will fund just the 0.3% of the overall cost of the project. In fact they are financing the research and development of specific technologies. This can cast a shadow on the execution of the project.
But the ministry is hopeful that major Korean shipbuilders and heavy machinery makers will be interested in trapping the profitable global alternative energy market. So those manufacturers will need to build their reputation on something massive and awe-inspiring and this project is supposed to yield 153.9 gigawatts of electricity. Kang confirms, “Many domestic companies are working on large-sized wind turbines. Offshore wind power generation has a shot at becoming the country’s future cash cow when it becomes mainstream technology.”