Ørsted partners with Incheon Metropolitan City to develop Korea’s largest offshore wind project

In a landmark move for renewable energy in Korea, Ørsted A/S, a global leader in offshore wind power, has announced a significant partnership with Incheon Metropolitan City. This collaboration, solidified through a memorandum of understanding (MoU), is set to develop a 1.6 gigawatt (GW) offshore wind project off the coast of Incheon, poised to become the largest of its kind in Korea upon completion.

The agreement, which aims to kickstart a world-class offshore wind power industry in the region, was signed by Thomas Thune Andersen, Chair of Ørsted’s Board of Directors, and Yoo Jeong-bok, Mayor of Incheon, in a ceremony attended by notable figures including Lars Aagaard, the Danish Minister for Climate, Energy & Utilities, and ambassadors from both Korea and Denmark.

This ambitious project not only highlights the commitment of Ørsted and Incheon City to sustainable and renewable energy but also sets a precedent for the development of local wind power industries driven by international expertise and administrative support. Ørsted brings over three decades of experience to the table, promising to transform its Incheon project into a model for renewable energy, local economic development, and sustainable industrial growth.

The Incheon offshore wind project, which received an exclusive 1.6 GW electricity business license (EBL) from the Ministry of Trade, Industry & Energy of the Republic of Korea in November 2023, marks a significant step towards achieving Korea’s net-zero transition. It underscores Ørsted’s sustainability commitments by promising to supply renewable energy to over one million Korean households and reducing carbon emissions by approximately 4 million tonnes annually.

Looking ahead, Ørsted’s next steps include conducting environmental impact assessments, site investigations, and preparing for Korea’s annual fixed-price wind auction. Subject to successful outcomes and final investment decisions, the project is slated for completion in the early 2030s, offering a long-term vision for renewable energy in Korea.

This partnership between Ørsted and Incheon Metropolitan City not only signifies a move towards decarbonization but also presents a sustainable growth opportunity for the offshore wind power industry, local economy, and supply chain. As Ørsted and Incheon City work together to realize this vision, the project stands as a beacon of sustainable development, promising a cleaner, greener future for Korea.