Ørsted signed MoU for 1.6 MW Offshore Wind farm in South Korea

Ørsted, a global leader in offshore wind, announced that it has signed a Memorandum of Understanding (MOU) with POSCO Group at POSCO Center in Seoul to explore a partnership on Ørsted’s 1.4 GW Incheon offshore wind project, located approximately 70 km off the coast of Incheon.  

Through this MoU, the two parties agreed to explore possibilities for cooperation across the offshore wind supply chain, including steel supply, onshore and offshore construction, and operations and maintenance (O&M). 

Under the agreement, the POSCO Group will explore opportunities on supplying high-strength steel for offshore wind substructures and towers, cooperating on Engineering, Procurement, Construction & Installation (EPCI), including onshore infrastructure and offshore installation, and pursuing project development through equity participation and offshore wind farm O&M opportunities. 

Once operational, the 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.

In February 2024, Ørsted also signed an MoU with Incheon Metropolitan City to cooperate on developing an offshore wind power industry in the region, underscoring the strong local stakeholder support. 

Subject to final investment decision, the Incheon project is expected to be among the largest offshore wind farms in Korea and play a key role in realising the country’s offshore wind ambitions while contributing to the nation’s carbon neutrality goals.