Korea Southern Power (KOSPO) has unveiled a long-term roadmap to deploy 11.2 gigawatts of renewable generation capacity by 2040, marking one of the state-owned utility's most explicit commitments yet to scale up wind and solar deployment as South Korea pushes toward carbon neutrality. The plan was presented on May 28 at an investor relations event at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul.
3.4 GW in Five Years, 11.2 GW by 2040
Under the new roadmap, KOSPO will add a cumulative 3.4 GW of renewable capacity over the next five years and reach 11.2 GW by 2040. The utility currently operates about 1.1 GW of renewable energy facilities. The plan calls for expanding domestic solar capacity from 275 megawatts today to 1.5 GW, while onshore wind capacity is set to climb from 269 MW to 600 MW. KOSPO also signed memorandums of understanding on the same day covering financing, business cooperation, project development, technology development, and joint participation in the energy storage system central contract market.
Offshore Wind at the Center of the Pipeline
"In the short term, we will focus on developing onshore wind and solar power, while in the medium to long term, we will expand renewable energy with a focus on offshore wind," a KOSPO official said. The company plans to gradually scale 200-MW pilot projects in Yeonggwang's Yawol area and Busan's Dadaepo area, and to develop floating offshore wind on the east coast by 2030. The strategy positions offshore wind as the main vehicle for long-term capacity growth, mirroring trends across other major Asian utilities and tying KOSPO into ongoing global expansion among turbine manufacturers including Nordex's new Izmir blade factory.
Carbon Neutrality and Industrial Strategy
"Expanding renewable energy is a core task for achieving carbon neutrality and the nation's energy transition," KOSPO President Kim Jun-dong said. "KOSPO will combine public and private sector capabilities to revitalize the renewable energy industry ecosystem and work toward achieving carbon neutrality." South Korea's 11th basic power plan, finalized earlier this year, has set the broader framework for utilities to lift the share of low-carbon power on the grid, with state-run generators expected to anchor large-scale projects.
How KOSPO Compares Globally
KOSPO's pipeline aligns with a wider build-out of solar, wind, and storage capacity in major economies. In the United States, renewable generation jumped 11% in the first quarter of 2026, with utility-scale solar leading growth at 23.9% year over year, while domestic capacity additions accelerated as developers responded to higher electricity demand from electrification and AI data centers.
Investor Signal and Execution Risk
By packaging the targets into an investor briefing rather than a high-level policy statement, KOSPO is signaling to lenders, EPC contractors, and equipment suppliers that it intends to anchor multi-gigawatt projects with concrete procurement timelines. The challenge will be sourcing turbines, securing transmission interconnection, and navigating South Korea's permitting environment for offshore developments at scale. The utility did not disclose total capital expenditure for the 2040 plan but said the MOUs signed Wednesday were intended to pull private capital into the pipeline alongside KOSPO's own balance sheet.
Reporting based on coverage from Seoul Economic Daily.