Nakwol
Status
Under Constructionlifecycle stage
DeliveringHafrok completion outlook
Ownership
BGB.Grimm Power — 49% ◆
Location
South KoreaYellow Sea
Technology
Capacity
364.8 MW ◇
Turbines
64 × 5.7 MW ◇
Model
Vensys 5-7 ◇
Foundation
Monopile ◇
Site & conditions
Site rights
Seabed rights held ∴
Water depth
9–20 m ≈
Wind speed
7.1 m/s @ 100 m ≈
Revenue & grid
Offtake
—
Grid
—
Schedule
FID
Taken · date not recorded ∴
COD · Hafrok
2029 expected
Delivery outlook modelled by Hafrok · calibrated on delivered projects
2029
expected year of commercial operation
Chance of delivery
≈96%
estimated chance this project reaches commercial operation
Under Construction projects complete ≈97% of the time on Hafrok's record. A market with a thinner delivery record, technical complexity and no offtake contract yet pull this one slightly below that.
COD outlook
If it completes, when — Hafrok’s probability by year (teal)
| Year | Probability |
|---|---|
| 2028 | 10.0% |
| 2029 (expected) | 58.5% |
| 2030 | 26.6% |
| 2031 | 4.5% |
| 2032 | 0.5% |
How Hafrok got this date
1
Starting point: the last dated milestone
Construction start in
2026. From there Hafrok adds how long similar projects (in developing offshore-wind markets) took to reach commercial operation, measured on projects that have delivered.2
Typical timing
Starting point plus the typical remaining time gives a middle estimate of
2029; the faster quarter of similar projects would be done by 2028, the slower quarter not until 2029 Q3.3
Result
Expected commercial operation
2029, likely range 2028–2030 (the middle half of outcomes for similar projects). The typical build time from the construction start is used.4
Year-by-year chart
The bars spread that estimate across years using how similar projects actually slipped against their dates — more often late than early, which is why the bars lean right.
5
Chance of delivery — separate from timing
Start from the share of Under Construction projects that went on to complete — ≈97%, measured on Hafrok's record of delivered and abandoned projects, with an allowance held back where that record cannot yet speak (projects still unresolved, changed market conditions). Based on the measured record — all 257 construction starts with a final outcome reached operation — adjusted down for projects still mid-build and for legal-challenge risk. Then adjust for this project's own evidence — offtake, market, size, technical complexity — to ≈96%, which rates it
Delivering on Hafrok's four-step delivery scale (Delivering · Expected · Prospective · Fragile).Project timeline verified milestones only — each date carries its provenance mark
Dashed tick marks today (9 Sep 2026).
Revenue & offtake contract duration and price levels · money of the day
365 MW contracted — utility PPA
● Utility PPA · South Korea 2023 Wind Fixed-Price Auction — offshore carve-out
Priceprice undisclosed ·Capacity364.8 MWAwardedDec 2023Term20 yrs
Installation how the build is going · from satellite counts and Hafrok’s registers
Installation under way
no satellite count yet: this farm is outside the tracker’s coverage so far
Installation · on record
StageUnder Construction
Offshore constructionstarted
Expected start of operationnot stated
Sources & verification
1/13 fields verified · rests on 8 sources · ◆ 1 document held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Auction results1
[8]
Shin and Kim2026-06-22◆ kr-rps-wind-2023-kr-rps-terms
Korea RPS fixed-price offshore: completion-period bands 60/72/78 months; REC-price cut / cancellation on miss
supportsUtility PPA · South Korea 2023 Wind Fixed-Price Auction — offshore carve-out
Trade press7
[1]
Global Energy Monitor2025
supportsConsentFinal investment decisionSite rightsTotal capacity
[2]
[3]
4C Offshore2025
Press report — cited, not quoted; read it at the source link.
supportsTurbinesModelUnit capacityFoundation
[4]
[5]
Kaohoon International2025-10-17
“B.Grimm Power Korea directly holds 49% of the issued shares in Nakwol 1. [after acquiring an additional 20.8% from Myungwoon Industry Development and selling its 29% holding in Myungwoon back to that …”
supportsdeveloperowner
[6]
[7]
전기신문 (Electimes)2025-12-10
Press report — cited, not quoted; read it at the source link.
supportsFirst power