Korea Southern Power Co., also known as KOSPO, said Thursday it plans to deploy 11.2 gigawatts of renewable energy by 2040, with a focus on solar power and offshore wind.

The state-run power company presented its mid- and long-term renewable energy investment road map during an investor briefing at the Korea Chamber of Commerce and Industry in Seoul.

Korea Southern Power said it plans to add a cumulative 3.4 gigawatts of renewable energy capacity over the next five years and expand the total to 11.2 gigawatts by 2040.

The company said it will first invest in solar power projects on idle power plant sites and salt-damaged farmland. It also plans to participate as a major shareholder in publicly led offshore wind projects.

Korea Southern Power highlighted its renewable energy record, including the installation of 115 domestically made wind turbines, leading capacity in battery energy storage systems and floating solar projects and demonstration work on next-generation building-integrated photovoltaics.

For offshore wind, the company plans to gradually scale up 200-megawatt pilot projects in Yeonggwang’s Yawol area and Busan’s Dadaepo area. It also plans to guarantee a 97% operating rate, develop floating offshore wind power on the east coast by 2030 and seek early inclusion of individually permitted offshore wind projects in development zones under the Special Act on Offshore Wind Power.

The company also plans to begin construction in 2027 on two onshore wind farms at Yukbaeksan and Gangneung. It will carry out timely repowering of aging wind farms, including Hankyong, Taebaek and Changjuk.

The company signed memorandums of understanding with 11 related institutions in five fields, including financial institutions, developers and technology companies, to support the renewable energy industry ecosystem.

It signed a project financing agreement with KB Kookmin Bank and other financial institutions, an investment advisory agreement with Koramco and Alpha Asset Management and an equipment supply agreement with Doosan Enerbility for the Yeonggwang Yawol and Busan Dadaepo offshore wind projects.