The 2.3 trillion won Nagwol offshore wind project in Yeonggwang, Jeollanam-do, is set for final completion by the end of 2026 but remains mired in controversy over alleged substantial control by Chinese capital. Beyond indications that Chinese state-owned enterprises have been involved in engineering, procurement and construction (EPC), questions have emerged over equity pledges linked to overseas investors and the management of the company seal. The developer, Myungwoon, denies Chinese involvement in management, yet questions persist regarding actual contractual authority and financing relationships.
According to industry sources on October 30, 2026, the Nagwol offshore wind project, developed by Myungwoon and carried out by Nagwol Blue Heart, is in final stages of construction targeting comprehensive final completion in December. The 364.8 megawatt project involves installing 64 units of 5.7 megawatt wind turbines in the Nagwol area of Yeonggwang County, Jeollanam-do. Upon completion, it is expected to generate approximately 900 gigawatt-hours of electricity annually. It was selected as the successful bidder in the government's 2023 competitive auction for wind power fixed-price contracts, enabling long-term power sales over the next 20 years.
Chinese state-owned enterprises involved in Nagwol project: extent of actual role unclear
At the center of the controversy is the participation of Chinese state-owned enterprises. Shanxi Electric Power Design Institute, a subsidiary of China Energy Engineering Corporation (CEEC), announced in January 2024 that it had concluded an EPC contract in South Korea for an offshore wind project of approximately 365 megawatts. Based on generation capacity and contract timing, the Nagwol project is widely considered to be the likely candidate.
It has also been confirmed that a senior official from a Chinese state-owned enterprise visited the site in person to receive briefings on project plans and budgets. According to materials released by CEEC, in December 2025, Zhang Yaxian, standing member of the CEEC Party Committee and chief accounting officer, and his delegation visited the Nagwol offshore wind project site. At that time, Shanxi Electric Power Design Institute reported on the operational structure, construction progress and budget, and the visiting delegation inspected major work vessels and the substation under construction.
