South Korean steelmaker POSCO Group has signed a memorandum of understanding (MoU) with Ørsted to explore the joint development of the 1.4 GW Incheon offshore wind farm, the largest such project in South Korea.
The agreement, signed on September 24, 2025, covers cooperation across the offshore wind supply chain, including supply of high-strength steel for substructures and towers, onshore infrastructure construction, offshore installation (EPCI), and operations and maintenance.
“In this project, POSCO Group will bring together its accumulated capabilities and expertise across all areas of the domestic offshore wind supply chain to enhance the competitiveness of Korea’s offshore wind industry and contribute to the expansion of renewable energy,” said Ju-Tae Lee, president of POSCO Holdings.
“Through this strategic partnership, by combining POSCO’s outstanding technological capabilities with Ørsted’s global leadership in offshore wind, we will maximise synergies and successfully advance the Incheon Offshore Wind Project,” added Per Mejnert Kristensen, Ørsted’s president for Asia-Pacific.
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. The license size has since been adjusted to 1.4 GW.
Subject to Ørsted taking the final investment decision, the project could become operational in the early 2030s.