Bigger turbines leave Jeonnam's next 800 megawatts at the pilot's 9 billion won a megawatt

Complex 1's 870 billion won over 96 megawatts of nameplate works out at about 9.06 billion won a megawatt ^[1][2][1]. Complexes 2 and 3, at a stated minimum of 3.6 trillion won each for 399 megawatts, work out at 9.02 billion ^[9][11][2]. The machines differ. Complex 1 runs ten turbines rated at 9.6 megawatts, while the follow-ons will each carry 26 rated at 15.35, a unit 60 percent larger ^[2][10][3]. The budgeted cost per megawatt holds at about 9 billion won.

The 3.6 trillion won is given as a minimum, and the pair together as more than 7 trillion won ^[11]. Taken at 7.2 trillion, the sequel buys 8.3 times Complex 1's capacity for 8.3 times its capital: 798 megawatts against 96, 7.2 trillion won against 870 billion ^[4][5].

Output is what the auction will actually price. Complex 1 makes about 300 million kilowatt-hours a year, enough for roughly 90,000 households, and against 96 megawatts running the full year that is a capacity factor of 35.7 percent ^[5][6]. The report sets the combined 900 megawatts of the three complexes alongside a nuclear reactor, which it says typically runs around 1,000 megawatts ^[14]. At Complex 1's realised factor, 900 megawatts produces about 2.8 billion kilowatt-hours a year ^[7].

Siemens Gamesa supplied the turbines. Towers came from CS Wind, substructures from Hyundai Steel Industries and subsea cables from LS Cable & System ^[6][7]. Those suppliers are in line for a build 8.3 times larger at the same budgeted cost per megawatt ^[4][2].

The next round leans on the state. Kim Jin-chul, executive vice president of SK Innovation E&S and chief executive of Jeonnam Offshore Wind, said the company is in talks with the government over low-interest loans for Complexes 2 and 3 on terms equal to or better than the Shinan Ui project, one of the first investments made by the National Growth Fund ^[20]. Complex 1 was built by SK Innovation E&S and CIP on a 51/49 split ^[3]. The report does not describe how its construction was financed.

Kim also put the grid problem in geographic terms: generation sits in the provinces and demand sits in Seoul ^[18]. "If large semiconductor plants are actually built in provincial areas such as South Jeolla and Gwangju, electricity produced locally could be used for local demand instead of being sent to Seoul," he said ^[19].

In my view the fixed-price auction in the second half, not the 2028 construction start, is where the 9 billion won figure gets tested ^[13]. Two other readings hold. The 3.6 trillion won may be conservative going into a competitive auction, where a higher declared cost supports a higher strike price. Or the 15.35-megawatt machines bring foundation, vessel and cable costs that eat the unit saving, and 9 billion won a megawatt is simply what this scale costs in Korean waters. A clearing price implying materially less than 9 billion won a megawatt would break the reference-cost reading outright.