Ørsted secured 1.6 GW electricity business license for Incheon offshore wind project

The Ministry of Trade, Industry & Energy of Korea has granted a 1.6 GW electricity business license (EBL) to Ørsted for an offshore wind project located 70 km off the coast of Incheon City.

This project holds the potential to aid Incheon City in reaching its net-zero target by supplying renewable energy to over a million Korean households, thereby reducing annual carbon emissions by around 4 million tonnes. Ørsted's upcoming steps for the Incheon offshore wind endeavor involve conducting environmental impact assessments, site investigations, and gearing up for participation in Korea's annual fixed-price wind auction. Pending successful outcomes from these processes and Ørsted's final investment decision, the project is anticipated to be finalized in the early 2030s.