By Pierre Bertrand

Germany's RWE received its first exclusive development rights for a wind farm off the western coast of South Korea.

The energy company secured a 495-megawatt electricity business licence from the South Korean government to develop the Seohae offshore wind farm, it said.

The project is located about 45 kilometers from the shore of the country's Taean County, RWE said, adding that the license is required for generating and suppling electricity in South Korea.

The company added that the license grants it its first exclusive development rights for offshore wind in the country since it opened an office in Seoul three years ago.

RWE said engineering and environmental impact studies are underway and that it would work with Korea Electric Power Corporation on getting a grid-connection agreement.

The project is planned to be commissioned in 2031, an RWE spokeswoman said when approached by Dow Jones Newswires.

Write to Pierre Bertrand at

(END) Dow Jones Newswires

04-04-24 0710ET