Pacifico Files a $1bn Investment Declaration for 2.79 GW Off Jindo
The Manho and Jindo Baram projects form the second and third stages of a 3.2 GW Korean cluster
US energy infrastructure developer Pacifico Energy has filed an investment declaration worth more than $1bn with South Korea's Ministry of Trade, Industry and Resources, covering two offshore wind projects with a combined planned capacity of 2.79 GW.
The declaration covers the 990 MW Manho and 1.8 GW Jindo Baram developments off Jindo County. It was submitted at an investment ceremony in Washington hosted by the ministry and the Korea Trade-Investment Promotion Agency, and Pacifico said the declared investment will be allocated entirely to the two projects.
Manho and Jindo Baram form the second and third stages of a wider 3.2 GW Jindo offshore wind cluster. The first phase is the 420 MW Myeong Ryang project, which has already secured its electricity business licence and completed a preliminary environmental impact assessment.
Pacifico was selected in August as the sole developer of the government-designated Jindo Integrated Cluster Phase 2, comprising Manho and Jindo Baram, and covered a local supply-chain agreement in July. Clustering matters in the Korean market because it determines grid connection and seabed allocation together rather than project by project, and it is the mechanism through which Seoul has moved site selection into state hands.
For shipping, projects on this scale are read as installation demand. A 2.79 GW build-out off the south-west coast implies years of work for heavy-lift and installation tonnage, cable-lay vessels, and the crew transfer and service offshore vessels that follow the turbines into operation. Korean yards and the domestic supply chain are positioned to take a substantial share of that, which is part of the reason the government has tied cluster designation to local content commitments.
An investment declaration is a statement of intent rather than a final investment decision, and the capacity figures describe planned rather than consented output. What the filing establishes is the scale of capital Pacifico is prepared to name publicly for a cluster it now controls end to end.
