Ørsted signs collaboration MoU for South Korea wind sector development

Offshore staff

FREDERICIA, Denmark – Ørsted has signed a memorandum of understanding (MoU) with Incheon Metropolitan City, Korea, to jointly develop an offshore wind power industry in the region.

One of the projects to benefit should be Ørsted’s 1.6-GW offshore wind development 70 km from the coast of Incheon. Last November South Korea’s Ministry of Trade, Industry & Energy of the Republic of Korea awarded a 1.6-GW electricity business license giving the company exclusive development rights.

This will be the country’s largest offshore wind project to date, creating local jobs and supply chain opportunities. Next steps include environmental impact assessments, site investigations, and preparations for participating in the country’s annual fixed-price wind auction.

Subject to positive outcome and Ørsted taking FID, the project should be completed in the early 2030s.

Under the proposed collaboration, Incheon City will provide administrative support and set up policies and infrastructure for offshore wind.

Ørsted previously MoUs in early 2022 with Korea Southern Power and Korea Midland Power concerning collaborations on the same project.

02.22.2024