Danish energy giant Ørsted has secured an electricity business licence (EBL) from South Korea’s Ministry of Trade, Industry and Energy to build a 1.6GW offshore wind farm.
The licence gives Ørsted exclusive rights to develop a wind farm 70km offshore Incheon City.
The project will assist South Korea in achieving its goal of carbon neutrality by 2050.
The wind farm will generate enough renewable electricity to meet the needs of a million households and offset four million tonnes of carbon emissions annually.
Ørsted will also focus on creating a local supply chain.
The Danish company will conduct environmental impact assessments and site investigations and prepare to participate in South Korea’s annual fixed-price wind auction.
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The wind farm is expected to begin operations in the early 2030s.
Ørsted Asia-Pacific president Per Mejnert Kristensen stated: “At Ørsted, we are pleased to secure our first electricity business licence in Korea. We now look forward to helping accelerate the country’s green energy transition and supporting Incheon’s ambitions as a hub for renewable power.
“Ørsted has unparalleled capabilities for delivering large-scale offshore wind power projects and we have a strong track record working with Korean suppliers in our global portfolio over the past decade.
“This collaboration will ensure the Incheon project leads the way for a thriving offshore wind industry, capable of generating clean energy reliably, attracting long-term investments and creating jobs in Korea.”
Ørsted Asia-Pacific project development and programmes head Ronnie Brandstrup stated: “We thank the Korean Government for approving Ørsted’s EBL application. At Ørsted, we believe that the green transition should have a positive impact on climate and nature and also deliver lasting benefits for society.
“Our teams have worked tirelessly to promote local co-existence initiatives and we will continue to actively engage with the local communities to create opportunities for local industries, fishers and residents throughout the entire cycle of the project.”
In November 2023, the UK and South Korea signed a new partnership to boost energy security and speed up their shift towards renewable energy.
Agreement on the Clean Energy Partnership was part of President Yoon Suk Yeol’s four-day state visit to the UK during that month.
The partnership will focus on clean energy transition, low-carbon technology, civil nuclear power, domestic climate policies and developing the two countries’ energy sectors.