French renewables developer Total Eren has reached financial close on its first wind farm in South Korea, paving the way for construction to begin.
It expects its 16.7MW Parang project in Yeong-deok county in the country’s east to start commercial operations in the first quarter of 2024.
The project is due to consist of three of Enercon’s E160 5.56MW turbines.
It will be built on land owned by a local clan that has lived in the area since the 17th century. The project owners – Total Eren (70%), Korean developer Ween E&S (5%) and Korea Midland Power (25%), a fully owned subsidiary of state utility Korea Electric Power Corporation – plan to contribute to local community development and form a long-term relationship with the clan.
Developers Total Eren and Ween secured KRW 55 billion ($41.9 million) of long-term financing for the project from a local private equity fund whose investors are local financial institutions.
Total Eren opened an office in South Korea in April 2022. Parang is its first wind farm in the country.
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