Distressed Doosan secures a turbine deal in Jeju

Jeju Hanlim Offshore Wind
KEPCO E&C | Jeju Hanlim Offshore Wind, illustration.

Developers of Jeju Hanlim Offshore Wind project decided the turbine manufacturer for their 100MW offshore wind farm.

KEPCO Engineering & Construction stated that Doosan Heavy Industries & Construction will supply all 18 turbines of the project. KEPCO is leading the project, while KEPCO Engineering & Construction, Korea Midland Power, Daelim Industrial, and BARAM are on the investor list.

It is definitely good news in a long time for Doosan Heavy, which is facing a severe liquidity crisis. Doosan Heavy submitted a KRW 3 trillion scale ‘self-rescue’ plan to creditors a few days ago, and the creditors decided to inject financial support, reportedly around KRW 800 billion. Market sources see that Doosan Group, Doosan Heavy’s parent conglomerate, will sell non-core subsidiaries and assets to save Doosan Heavy. Some speculations mentioned that Doosan Solus and Doosan Fuel Cell might be brought to the market.

According to Doosan’s wind power brochure, Doosan is offering four models of wind turbines: WinDS3000 (3,000kW), WinDS3300 (3,300kW), WinDS5500 (5,560kW), and WinDS8000+ (8,000kW). Considering the project’s total scale, 18 units of WinDS3300 is expected to be deployed for Jeju Hanlim. WinDS3300 features class IB and 68m of blade length.

Korea MOTIE has revealed in February the government’s intention to break ground for “32 sizeable renewable energy projects” of 2.3GW capacity investing KRW 1.9 trillion in 2020 including Saemangeum and Jeju Hanlim Offshore Wind.

On a side note, KEPCO Engineering & Construction has been selected as the preferred bidder for the EPC job of a 40MW offshore wind farm offshore Busan.

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