CNPlus has increased the contract amount for the Yeonggwang Nagwol offshore wind project to approximately 28.4 billion won, expanding its track record in offshore wind business.
CNPlus, a specialist in electronic components and renewable energy infrastructure, announced that it has modified the contract amount and period for the transition piece and topside structure installation work on the Yeonggwang Nagwol offshore wind farm construction project, which it signed with Samhae E&C. Through this contract change, the company plans to directly secure and operate a wind turbine installation vessel (WTIV) to reduce project volatility stemming from external vessel scheduling.
Contract Amount and Schedule Extended
The revised contract amount is 28.376 billion won excluding value-added tax, an increase of approximately 10.8 billion won from the previous 17.578 billion won. The contract period has been extended by three months, from the original December 24, 2025 to September 30, 2026, to December 31, 2026. The contract amount and period were adjusted together as construction plans and schedules were modified, resulting in changes to work volume and costs.
Direct WTIV Operation to Reduce Risk
A company official stated that when using external installation vessels, project schedules and costs can be affected by the vessel's operational schedule and maintenance conditions. The official added that CNPlus is the only company that has consistently secured references and expertise in offshore wind turbine installation, and this contract change reflects recognition of that capability. The official noted that timely procurement and operational capacity of the WTIV, a critical piece of equipment, are important for stable execution of offshore wind projects.
CNPlus is proceeding smoothly with Korea's first large-scale offshore wind farm construction project, drawing on experience from the Southwest Offshore Wind demonstration complex and projects in Jeju. The company is also pursuing a plan to directly secure and operate a WTIV. By internalizing vessel operation capacity, the company expects to manage installation schedules more stably for each project while reducing cost volatility risks from external vessel supply and operational conditions.
A CNPlus official said the company plans to enhance execution stability and business competitiveness of future offshore wind projects through direct WTIV operation, and will connect accumulated project execution experience to follow-up orders to build a foundation for performance growth in offshore wind. The official stated that the company is making every effort to secure orders for large-scale wind farms planned for construction along Korea's coasts.
CNPlus is currently performing transportation and installation work for the Yeonggwang Nagwol offshore wind project and other large onshore and offshore wind power projects.
Original Korean article: Energy Daily
English brief by Korea Wind Intelligence, koreawindintel.com
KWI developer profile — KOWEPO
8 projects in Korea totalling 2,828 MW. Compiled from the KWI database. Not part of the source article.
Nagwol Offshore Wind — this article| Capacity | 364.8 MW | | Location | Yeonggwang-gun, Jeonnam | | Developer | KOWEPO · Myungwoon | | Status | Under Construction | | Auction | Awarded in 2023 | | Licence | Electricity Business Licence 2019 | | EIA | main-phase consultation completed (ME2019C003) |
| |
Taean Offshore Wind| Capacity | 500 MW | | Location | Taean-gun, Chungnam | | Developer | KOWEPO · Vena Energy · CIP | | Status | Bid Awarded in 2024 | | Licence | Electricity Business Licence 2021 | | EIA | main-phase consultation completed (ME2021C010) |
| |
RWE West-Sea Offshore Wind| Capacity | 495 MW | | Location | Taean-gun, Chungnam | | Developer | KOWEPO(RWE) | | Status | EBL Approved | | Licence | Electricity Business Licence 2024 |
| |
Taean Gaui Offshore Wind| Capacity | 400 MW | | Location | Taean-gun, Chungnam | | Developer | KOWEPO · Daemyoung Energy | | Status | EBL Approved | | Licence | Electricity Business Licence 2023 |
| |
Wando Jangbogo Offshore Wind| Capacity | 400 MW | | Location | Wando, Jeonnam | | Developer | KOWEPO · JNDC · Kolon Global | | Status | EBL Approved | | Licence | Electricity Business Licence 2022 | | EIA | main-phase consultation completed (ME2023C024) |
| |
Jindo Gujado Offshore Wind| Capacity | 320 MW | | Location | Jindo-gun, Jeonnam | | Developer | Daemyoung Energy · KOWEPO | | Status | EBL Approved | | Licence | Electricity Business Licence 2024 |
| |
Ansan Pungdo Offshore Wind| Capacity | 200 MW | | Location | Ansan, Gyeonggi | | Developer | KOWEPO · Wooram E&C | | Status | EBL Approved | | Licence | Electricity Business Licence 2019 |
| |
Wando Offshore Wind| Capacity | 148.5 MW | | Location | Wando, Jeonnam | | Developer | KOWEPO | | Status | EBL Approved | | Licence | Electricity Business Licence 2018 |
| |
Project data: KWI database — Electricity Business Licence records, EIA filings (ME2019C003, ME2021C010, ME2023C024), Electricity Regulatory Commission minutes, and pre-EBL permit filings.
