Pacifico Energy invests $1 billion in South Korean offshore
Pacifico Energy Korea has declared an $1 billion-plus investment for two offshore wind projects, Manho and Jindo Baram, which form part of its 3.2 GW Jindo
Pacifico Energy Korea has submitted an investment declaration worth over $1 billion (approximately EUR 861 million) to South Korea's Ministry of Trade, Industry and Resources. The funds are allocated to the Manho and Jindo Baram offshore wind projects, which are phases two and three of the developer's 3.2 GW Jindo offshore wind cluster.
This new declaration follows a prior 2024 investment commitment covering the cluster's first phase, the Myeong Ryang project. The Jindo cluster is being developed off the coast of Jindo County in Jeonnam-Gwangju Special Metropolitan City.
Project Details and Status
The 3.2 GW Jindo Offshore Wind Project Cluster consists of three distinct projects. Pacifico Energy Korea is developing all of them.
| Project | Capacity | Phase | Key Status Update |
|---|---|---|---|
| Myeong Ryang | 420 MW | First | Secured Electricity Business License (Sept 2025); completed preliminary Environmental Impact Assessment (March 2026) |
| Manho | 990 MW | Second | Electricity Business License application under review; part of government-designated Jindo Phase 2 cluster |
| Jindo Baram | 1.8 GW | Third | Electricity Business License application under review; part of government-designated Jindo Phase 2 cluster |
In August, Pacifico Energy Korea was selected as the sole developer for the government-designated 2.13 GW Jindo Phase 2 Offshore Wind Integrated Cluster. This official cluster encompasses both the Manho and Jindo Baram projects.
Supply Chain and Financing Development
Pacifico Energy Korea has been working to establish a local supply chain for the wider Jindo cluster since it was first unveiled in 2023. In July, the company signed a memorandum of understanding (MoU) with several partners to create a tailored supply chain for the 3.2 GW development.
The partners include foundation manufacturer EEW KHPC, marine logistics and vessel operator KMC Line, and foundation-component supplier CS Energy.
Financing arrangements are also being prepared. The company signed another MoU in June with Hana Bank and Hana Securities. This agreement is for cooperation on financing solutions across the development, construction, and operational phases of the Jindo cluster.
Regional Context and Other Projects
According to Pacifico Energy, the Jindo cluster ranks as one of the largest offshore wind clusters in the Asia-Pacific region being developed by a single developer in a single area. The company is active in other offshore wind markets across the Asia-Pacific as well.
Beyond renewable energy, Pacifico Energy noted it developed and permitted the 7.65 GW GW Ranch data centre campus in the United States. That project was recently acquired by Amazon, the company said on September 4.
