Original Korean article: DealSite
Myungwun Industrial Development's Nagwol offshore wind project, a 364.8MW facility with a total investment of 2.3 trillion won, is South Korea's largest offshore wind power project and is set for completion in the second half of this year. However, the project is currently under prosecution investigation due to allegations of capital inflation in its special purpose vehicle and deep involvement of Chinese capital.
China Energy Engineering Corporation (CEEC), a Chinese state-owned enterprise, has played a significant role in the project through multiple channels including providing project financing guarantees, supplying wind turbines, and overseeing the entire EPC (Engineering, Procurement, and Construction) process. The turbines were supplied through Goldwind's subsidiary Vensys, further cementing Chinese involvement in this major Korean infrastructure project.
Chairman Kim Kang-hak of Myungwun Industrial Development is facing prosecution over suspected accounting irregularities related to capital inflation in the special purpose vehicle established for the Nagwol offshore wind project. These allegations have raised concerns about the transparency and legitimacy of the project's financial structure.
The Nagwol offshore wind project represents a significant portion of South Korea's renewable energy development, but the investigation into potential financial misconduct and the substantial involvement of Chinese state enterprises have cast a shadow over what was intended to be a landmark domestic energy infrastructure achievement.
KWI project profile — Nagwol Offshore Wind
Compiled from the KWI database. Not part of the source 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) |
Related coverage
- Taihan Cable & Solution Deploys Subsea Cable Vessel at Nagwol Offshore Wind — 2026-08-17
- Korea's Offshore Wind Construction Accelerates: Sinan-Ui, Nagwol, Hallim Projects Break Bottlenec — 2026-07-15
Project data: KWI database — Electricity Business Licence records, EIA filings (ME2019C003), and Electricity Regulatory Commission minutes.
