5 December 2019

Press release: Amscap to co-develop offshore wind in Korea

Amsterdam Capital Partners, G8 Subsea and Saemangeum Offshore Wind Power to jointly develop offshore wind in Korea’s Samangeum Industrial Complex

We are delighted to announce that Amsterdam Capital Partners B.V. (AMSCAP), G8 Subsea Pte. Ltd. (G8), the Saemangeum Development and Investment Agency of Korea (SDIA) and Saemangeum Offshore Wind Power Ltd. (SOWP) have agreed to cooperate in the joint development of renewable energy in the Samangeum Industrial Complex, located on the West coast of Korea. Plans for the area include 300MW of offshore wind and up to 2.7 GW of floating photovoltaic located behind one of the world’s largest seawalls.

AMSCAP and G8 will work mainly alongside SOWP in respect of the joint development of offshore wind from respectively a financial and a technical perspective. SOWP developed the 100MW offshore wind project. The project is in its final development stage, with all permits (both local and national) and regulatory approvals now secured.

Saemangeum Development and Investment Agency is a central government agency of Korea responsible for Saemangeum Project, a grand national development project established in 2013 by executive order. SDIA is in charge of administrative services and support, from Master Planning and Coordination to Investment Attraction and Promotion. Saemangeum is a 409 km2 reclaimed area located at the centre of West Coast of Korea with the world’s longest sea wall. Thanks to Korea’s favorable business environment as well as Saemangeum’s geographical advantage internationally and domestically, Korean Government is committed to developing Saemangeum into a global business hub and free trade hub of Northeast Asia.

More details are included in the press release attached.

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