MoU signed for development of wind power industry driven by 1.6 GW offshore wind project in South Korea

Ørsted has signed a memorandum of understanding (MoU) with Incheon Metropolitan City, Korea, to cooperate on developing a world-class offshore wind power industry in the region. The aim of the agreement is to establish a successful local wind power industry driven by Ørsted’s 1.6 GW offshore wind project off the coast of Incheon, South Korea.

Through this collaboration, Incheon City will provide administrative support, including enhancing local awareness and understanding, and establishing policies and infrastructure for offshore wind.

The offshore wind project will provide clean energy to 1.3 million Korean households and reduce carbon emissions by almost 4 million metric tons per year, thus making significant contributions to supporting Korea in achieving its green energy transition and its target of reaching net-zero emissions by 2050.

The next steps for Ørsted’s Incheon offshore wind project 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 final investment decision, the project is expected to be completed in the early 2030s.