The South Korean government denied an offshore wind project proposed by Kredo Holdings Ltd., a sub-subsidiary of BlackRock Inc., Yonhap reported, citing unnamed officials with the nation's Ministry of Trade, Industry and Energy.
Kredo Holdings proposed the construction of five wind power generation complexes worth $7.49 billion off the coast of South Korea's Sinan County, however, the ministry denied permission, stating that the company lacks the data to prove its financial ability, while also noting that the electrical power systems in the county could not sustain four out of the five complexes, the news agency reported.
"The government plans to build an underwater high-voltage direct current transmission system in the Yellow Sea by 2036 and to further seek measures to enhance power transmission capabilities in the region," a ministry official was quoted as saying, addressing the lack of power transmission in the region.
