Copenhagen Infrastructure Partners (CIP) and Vena Energy have secured an offtake contract in the 2024 Wind Power Fixed-Price Contract Auction arranged by the Korea Energy Agency (KEA) for their joint offshore wind project Taean Wind Power.
The Taean Wind Power project, a fixed-bottom offshore wind project with a planned capacity of 500 MW, is targeting to start construction in the second half of 2026, with commercial operations anticipated by late 2029.
CIP, through its flagship fund Copenhagen Infrastructure V, acquired a 49% stake in Taean Wind Power in late 2024 and will develop the project jointly with Vena Energy.
The project is being developed through participation of local supply chain companies, including LS Cable & System, which is the preferred cable supplier. The project will be able generate enough clean energy to power approximately 300,000 Korean households annually.
“Taean represents an attractive opportunity to increase our offshore wind footprint in Korea. We look forward to completing this exciting project together with our new partners at Vena Energy who, with a strong track record of developing green energy solutions across the APAC region, is a great match for us,” said Thomas Wibe Poulsen, Partner at CIP.
CIP is currently developing approximately 5 GW of offshore wind projects in Korea, including Jeonnam Offshore Wind 1, the country’s first commercial-scale offshore wind project, led by the private sector.