Pacifico Energy Korea, a U.S.-based offshore wind developer, is exploring financing solutions for the development, construction, and operation of the 3.2 GW Jindo Offshore Wind Project Cluster through financial cooperation with Hana Bank and Hana Securities.
The Memorandum of Understanding with two of Korea’s leading financial institutions is a significant milestone for Pacifico Energy Korea amid growing uncertainty in global supply chain and financial market. This will help advance financial cooperation for a large-scale offshore wind project and establish a stable and competitive financing framework.
Seung-Ho Choe, Representative Director of Pacifico Energy Korea, said a robust and professional financial partnership is as essential as a competitive supply chain for the successful development of GW-scale offshore wind projects.
“This collaboration between Pacifico Energy Korea, Hana Bank, and Hana Securities is the first of its kind as it brings together Korean financial institutions and a U.S.-based offshore wind developer to jointly build the foundation for the growth of Korea’s offshore wind industry.”
Seung-Ho added that Pacifico Energy Korea’s project financing strategy prioritises Korean sources throughout the funding process.
“This approach encourages broad participation by Korean financial institutions and companies across the offshore wind value chain, enabling financial returns to support domestic growth. Pacifico Energy Korea will continue to work closely with domestic financial institutions and companies to support Korea’s growth as a hub for offshore wind supply chain and finance in the Asia-Pacific region.”
Advancing Wind Project
Byung-sik Lee, Deputy President, IB Group of Hana Bank, highlighted that this MOU serves as a model of productive finance, demonstrating how the financial sector can make a substantive contribution to national priorities such as the energy transition and carbon neutrality.
“Partnering with Pacifico Energy Korea, a global developer that has led renewable energy development in the Asia-Pacific region, we are committed to fulfilling our role in advancing productive finance across all phases from project development and construction to operation, and to supporting the successful completion of this Cluster.”
Yung-Kyoon Jung, Deputy President, Head of Investment Banking Group, Hana Securities, stated that this collaboration showcases how capital markets can contribute to enhancing the nation’s future competitiveness through productive finance.
“Hana Financial Group has been providing integrated financial solutions encompassing project financing (PF) and structured finance for infrastructure and renewable energy projects through close collaboration between its banking and securities arms. We hope this project with Pacifico Energy Korea, a leader in renewable energy across the Asia-Pacific, will serve as a meaningful foundation for Korea’s emergence as an offshore wind finance hub in the Asia-Pacific region.”
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3.2 GW Jindo Offshore Wind Project Cluster
Located off the coast of Jindo County, South Jeolla Province, Pacifico Energy Korea’s 3.2 GW Jindo Offshore Wind Project Cluster is one of the largest offshore wind project clusters of its kind pursued by a single developer in a single area in the Asia-Pacific region. The cluster consists of three projects: Myeong Ryang Offshore Wind (420MW), Manho Offshore Wind (990MW), and Jindo Baram Offshore Wind (1.8GW).
Under the MOU, Pacifico Energy Korea, Hana Bank, and Hana Securities will jointly develop financial solutions and funding strategies for all phases of the Project from development through construction and into operation.
The respective parties will collaborate across a range of financial disciplines, including project financing (PF), financial advisory, and investment attraction. They will also work together to develop a financing model for mutual growth designed to support Korea’s offshore wind industry and supply chain, and to foster the broader offshore wind industrial ecosystem.
Furthermore, the partnership aims to contribute to the revitalization of the regional economy and job creation in Jindo County and Jeonnam Province, where the cluster is located.