BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) Busan will build its first ever wind power plant on the island of Gadeokdo, Gangseo District.

On July 14, Gadeok Daehang Resident Wind, a special purpose corporation, announced it will construct a wind power generation complex on the 2nd area (468,73㎡) of the 13th mountain in Daeheung-dong, Gangseo-gu, Busan.

The corporation plans to build six wind power plants along the 264.5-meter-high Guksu-bong Ridge towards Bukbuk-dong.

Last month, the corporation received a conditional approval to use the site by the Ministry of National Defense that owns the land.

The corporation plans on using the testing equipment for one year to investigate the feasibility of wind power generation and before applying for the full permission for land use.

Lee Tae-yong, the corporation's director, stated, "In order for the wind power plant to be successful, it needs wind speeds of at least 6m. According to our research, the wind speeds in Gadeokdo are around 6.5 to 7m."

If everything goes according to planned, the corporation plans to make residents shareholders of the business so they can share the benefits of the wind power plant.

Even though Dae Il Electric Industry Co. has the biggest shares and will make 100% of the investments, the residents will take 20% of the profits.

ready@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (July 14, 2018)