POSCO E&C to build 297.4 billion won Gochang offshore wind farm by 2029
POSCO E&C will build a 76.2 MW offshore wind farm in Gochang, South Korea, with a 297.4 billion won budget. Construction starts this month, and completion is targeted for August 2029. The project is expected to generate 146 GWh annually, powering 35,000 households and reducing 61,000 tons of greenhouse gases. POSCO E&C will use its specialty steel for durability and aims to create 11,800 jobs.
How this was made
The 30-second read
Why it matters
The project showcases POSCO's move into renewable energy, using its steel expertise, but the long horizon means limited immediate market impact.
Market read
A new offshore wind contract for a mid‑size project; modest trading relevance given the long development timeline.
What to watch
Potential policy changes or supply chain constraints could affect project economics
Background
POSCO E&C announced a 76.2 MW offshore wind farm in Gochang with a construction cost of 297.4 billion won, targeting commercial operation by August 2029.
Market effects
adds to South Korean offshore wind pipeline, may boost steel demand for POSCO
limited to Korean energy and construction markets
minor, as offshore wind projects are globally growing but this is a single regional award
Counterpoint
Long timeline and execution risk may delay benefits, limiting near‑term upside
Key entities
- companyPOSCO E&C
Engineering, procurement and construction subsidiary of POSCO, undertaking the offshore wind project.
