▲ This image, provided by Hanwha Ocean, shows the wind farm that will be constructed in waters off Sinan, South Jeolla Province. (PHOTO NOT FOR SALE). (Yonhap)

public growth fund-investment item

Public growth fund's 1st investment approved for offshore wind farm

SEOUL, Jan. 29 (Yonhap) -- The newly launched mega-sized Public Growth Fund's first investment was approved Thursday for an offshore wind farm project, with more loans and investments to be made for various projects down the road, the financial regulator said Thursday.

According to the Financial Services Commission (FSC), the fund's management committee gave a nod to a 750 billion-won (US$526.3 million) long-term loan for the construction of the 3.4 trillion-won wind farm in waters off the southwestern county of Sinan, South Jeolla Province.

The fund, launched in December last year, aims to attract 150 trillion won in government and private investment over the next five years to foster strategic high-tech industries, including AI, semiconductors and renewable energy.

It will be used to share the fruits of economic expansion more evenly while stepping up support for young entrepreneurs and startup founders.

The FSC said earlier over 30 trillion won will be invested this year, with the initial investments including 6 trillion won for the AI sector, 4.2 trillion won for the semiconductor segment and 3.1 trillion won for future mobility.

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