Korea Development Bank signs MOU with Suhyup on offshore wind financing

Korea Development Bank signed a memorandum of understanding with the National Federation of Fisheries Cooperatives and Suhyup Bank on Wednesday to provide financial support for domestic offshore wind power projects and promote shared growth with local communities, the bank announced Friday.

The agreement was drawn up to advance the national goal of an energy transition through offshore wind development while fostering sustainable growth in local communities.

Korea Development Bank and Suhyup designated the two institutions as core partners in supporting domestic offshore wind projects, agreeing to jointly develop linked financing arrangements and a model for coexistence with fishing villages.

Korea Development Bank plans to review and design a project structure that allows local residents to participate, while Suhyup will connect its regional network and financial services to help spread a resident-participatory profit-sharing model.

Korea Development Bank also signed a financing agreement with Jeonnam Development Corp. for the construction and operation of the Muan Solar ESS Power Plant, a project valued at 180 billion won ($122 million).

Speaking at the MOU signing ceremony held Wednesday at Korea Development Bank's headquarters, Deputy Governor Shin Seung-woo called the agreement "an important moment in which both institutions pledge joint financial support for domestic offshore wind projects and shared growth with local communities," adding that the bank would "build a best-practice model for offshore wind projects and contribute to revitalizing regional economies."