Pacifico Energy Korea, a U.S.-based offshore wind developer, has entered into a memorandum of understanding on financial cooperation with Hana Bank and Hana Securities to explore financing solutions for the 3.2 GW Jindo Offshore Wind Project Cluster off the coast of South Jeolla Province.

The MOU signing ceremony took place at Hana Securities in Yeouido, Seoul, and was attended by senior executives from all three organizations.

A First-of-Its-Kind Partnership

The agreement marks what the parties describe as a first-of-its-kind strategic partnership between leading Korean financial institutions and a U.S.-based offshore wind developer aimed at advancing financial cooperation for a large-scale offshore wind project.

Senior executives present at the signing included Seung-Ho Choe, Representative Director of Pacifico Energy Korea; Byung-sik Lee, Deputy President of the IB Group at Hana Bank; and Yung-Kyoon Jung, Deputy President and Head of the Investment Banking Group at Hana Securities.

Under the MOU, the three parties will jointly develop financial solutions and funding strategies covering all phases of the Jindo Offshore Wind Project Cluster, from development through construction and into operation. Collaboration will span project financing, financial advisory, and investment attraction.

The parties will also work together to develop a broader financing model intended to support Korea's offshore wind industry and supply chain, as well as foster the wider offshore wind industrial ecosystem.

Seung-Ho Choe stated that a robust financial partnership is as essential as a competitive supply chain for the successful development of gigawatt-scale offshore wind projects.

"This collaboration between Pacifico Energy Korea, Hana Bank, and Hana Securities is the first of its kind as it brings together Korean financial institutions and a U.S.-based offshore wind developer to jointly build the foundation for the growth of Korea's offshore wind industry," he said.

Choe also outlined Pacifico Energy Korea's approach to project financing, noting that the company's strategy prioritizes Korean sources throughout the funding process.

He said this approach encourages broad participation by Korean financial institutions and companies across the offshore wind value chain, enabling financial returns to support domestic growth, and that the company will continue working closely with domestic partners to support Korea's growth as a hub for offshore wind supply chain and finance in the Asia-Pacific region.

A Model for Productive Finance

Byung-sik Lee of Hana Bank framed the MOU as a model of productive finance, describing how the financial sector can make a substantive contribution to national priorities such as the energy transition and carbon neutrality.

He said Hana Bank is committed to fulfilling its role in advancing productive finance across all phases of the cluster's lifecycle and to supporting the project's successful completion.

Yung-Kyoon Jung of Hana Securities echoed that characterization, saying the collaboration showcases how capital markets can contribute to enhancing national competitiveness through productive finance.

He noted that Hana Financial Group has been providing integrated financial solutions encompassing project financing and structured finance for infrastructure and renewable energy projects through close collaboration between its banking and securities arms.

Jung expressed hope that the project with Pacifico Energy Korea would serve as a meaningful foundation for Korea's emergence as an offshore wind finance hub in the Asia-Pacific region.

The partnership also aims to contribute to the revitalization of the regional economy and job creation in Jindo County and Jeonnam Province, where the cluster is located.

About the Jindo Offshore Wind Project Cluster

The 3.2 GW Jindo Offshore Wind Project Cluster is situated off the coast of Jindo County, South Jeolla Province, and is described as one of the largest offshore wind project clusters pursued by a single developer in a single area in the Asia-Pacific region.

The cluster consists of three individual projects: Myeong Ryang Offshore Wind at 420 MW, Manho Offshore Wind at 990 MW, and Jindo Baram Offshore Wind at 1.8 GW.

Myeong Ryang Offshore Wind, designated as the first phase of the overall cluster, secured its Electricity Business License from the Ministry of Trade, Industry and Energy in September 2025.

Since then, it has entered an active development phase, completing a geophysical survey and the preliminary Environmental Impact Assessment report in 2026. Manho Offshore Wind, the second phase, and Jindo Baram Offshore Wind, the third phase, have submitted their Electricity Business License applications and are currently under review.

The MOU comes against a backdrop of what the parties describe as growing uncertainty in global supply chains and financial markets, with the three organizations framing the establishment of a stable and competitive financing framework as a key factor in the successful development of large-scale offshore wind projects.

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