Bank joins Korea Hydro & Nuclear Power-led consortium

in publicly driven offshore wind development

KB Kookmin Bank headquarters [Kookmin Bank]
KB Kookmin Bank headquarters [Kookmin Bank]

KB Kookmin Bank said Tuesday that the consortium it belongs to has been named the preferred negotiating party in a public operator tender for the Jeonbuk Southwest Offshore Wind Expansion Complex 1 project, driven by North Jeolla Special Self-Governing Province.

The project involves developing 800 megawatts as a priority phase of a 2.5-gigawatt offshore wind complex to be built in waters off Buan-gun. It is structured as a publicly led offshore wind project in which public institutions hold at least a 50 percent stake.

Kookmin Bank joined the Jeonbuk Offshore Wind Consortium, led by Korea Hydro & Nuclear Power. The consortium includes 10 major companies: Korea East-West Power, Kepco Plant Service & Engineering, Korea Power Engineering, Hanwha Ocean, Doosan Enerbility, IBK Financial Group, Samil C&S and Joongang Maritime Heavy Industries, among others.

The consortium earned its preferred-negotiating-party status after receiving high marks for its public-interest orientation, project execution capability and regional co-prosperity plans. It will move forward with the project after signing an implementation agreement with North Jeolla Province.

Kookmin Bank has provided joint financial advisory services alongside Industrial Bank of Korea since the early bidding stage, supporting project structure reviews and financing strategy development. The bank plans to serve as financial arranger during the project financing phase, drawing on its experience in renewable energy finance to ensure stable funding.

Kookmin Bank earlier completed financial arrangement for the Sinan Ui offshore wind project — the first investment target of its KB National Growth Fund — and has been expanding its support for mega infrastructure projects, starting with a commitment to the KB Kookmin Growth Infrastructure Fund.

"This project is a flagship public offshore wind initiative that simultaneously advances the government's energy transition policy and revitalizes the regional economy," a Kookmin Bank official said. "We will continue to contribute to the nation's future growth industries and the development of the domestic offshore wind ecosystem through productive finance."


ehkim@heraldcorp.com