Ørsted Strengthens Offshore Wind Position in South Korea

Thursday, February 22, 2024

Ørsted has signed a memorandum of understanding (MoU) with Incheon Metropolitan City in South Korea to cooperate on developing a world-class offshore wind power industry in the region.

The aim of the agreement is to establish a successful local wind power industry driven by Ørsted’s 1.6 GW offshore wind project off the coast of Incheon.

Through this collaboration, Incheon City will provide administrative support, including enhancing local awareness and understanding, and establish policies and infrastructure for offshore wind, while Ørsted will leverage its more than 30 years of experience to develop its projects into an exemplary model that will be of mutual benefit to local residents, businesses, and suppliers.

“Ørsted will work closely with the City of Incheon to launch a new offshore wind industry and boost local economic development in the region. We have a strong track record working with Korean suppliers in our global portfolio over the past decade.

“We’ll build on this legacy of collaboration with our Incheon project, which will lead the way for a thriving offshore wind industry by generating reliable renewable energy, attracting long-term investments, and creating jobs,” said Thomas Thune Andersen, Chair of the Board of Directors of Ørsted.

“Offshore wind is a powerful means of achieving decarbonization and a new industry that can grow sustainably. I expect that today's agreement with Ørsted will help revitalize our local economy, boost the supply chain, and become a great opportunity for the growth of offshore wind power projects that benefit the region and the growth of our local industry,” added Yoo Jeong-bok, Incheon Metropolitan City Mayor.

Ørsted’s Incheon project

The Ministry of Trade, Industry & Energy of the Republic of Korea issued a 1.6 GW electricity business license (EBL) in November 2023, granting Ørsted exclusive development rights for an offshore wind farm located 70 km off the coast of Incheon.

It is set to become the largest in South Korea on completion, accelerating the country’s net-zero transition while creating local jobs and supply chain opportunities, building on Ørsted's industry-leading sustainability commitments.

The next steps for Ørsted’s Incheon offshore wind project include environmental impact assessments, site investigations, and preparations for participating in Korea’s annual fixed-price wind auction.

Subject to the successful outcome of these processes and Ørsted taking final investment decision, the project is expected to be completed in the early 2030s.

Ørsted’s Incheon project has the potential to support Incheon City’s net-zero target by providing renewable energy to over 1 million Korean households while reducing carbon emissions by approximately 4 million tonnes annually.

Categories: Renewable Energy Industry News Activity Asia Offshore Wind

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