Ørsted has secured approval for a 1.6 GW Electricity Business License from the Ministry of Trade, Industry and Energy of the Republic of Korea.
The license grants Ørsted exclusive development rights for a gigawatt-scale offshore wind project 70 kilometers off the coast of Incheon City, Korea. The project has the potential to support Incheon City’s net-zero target with a capacity to provide renewable energy to over a million households whilst reducing carbon emissions by approximately 4 million tonnes annually.
The country aims to be carbon neutral by 2050.
Per Mejnert Kristensen, President of Ørsted Asia Pacific, says: “At Ørsted, we’re pleased to secure our first Electricity Business License in Korea. We now look forward to help accelerate the country’s green energy transition and support Incheon’s ambitions as a hub for renewable power. Ørsted has unparalleled capabilities for delivering large-scale offshore wind power projects and we have a strong track record working with Korean suppliers in our global portfolio over the past decade. This collaboration will ensure the Incheon project leads the way for a thriving offshore wind industry, capable of generating clean energy reliably, attracting long-term investments and creating jobs in Korea.”
The next steps 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 the final investment decision, the project is expected to be completed in the early 2030s.