Ørsted Advances 1.4 GW Incheon Offshore Wind Project in South Korea
Ørsted, a global leader in offshore wind, has made significant strides in South Korea with its 1.4 GW Incheon offshore wind project. The company has completed site investigations for the Environmental Impact Assessment (EIA) and is progressing the EIA process and wind farm design.
Ørsted has signed two Memorandums of Understanding (MoUs) to strengthen its position in the region. The first is with Korea South-East Power (KOEN), exploring KOEN's potential participation in the development of the Incheon project. Per Mejnert Kristensen, Ørsted's Asia-Pacific region manager, sees KOEN's expertise and local network as crucial for aligning the project with Korean policies and industry ambitions.
The second MoU is with South Korea's steelmaker POSCO Group. This partnership explores equity participation and operations and maintenance (O&M) opportunities for the Incheon project. Both POSCO and KOEN join Ørsted's first offshore wind farm in Korea, located approximately 70 kilometres off the coast of Incheon.
Ørsted has also signed an MoU with Incheon Metropolitan City to cooperate on developing an offshore wind power industry in the region. Subject to a final investment decision (FID), the 1.4 GW Incheon project is expected to be one of the largest offshore wind farms in Korea.
Ørsted's progress in South Korea, including its partnerships with KOEN and POSCO, and its cooperation with Incheon Metropolitan City, positions the company favourably for the development of its 1.4 GW Incheon offshore wind project. The project, subject to a final investment decision, is poised to contribute significantly to Korea's renewable energy sector.
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