Danish energy company Ørsted has signed memoranda of understanding (MoUs) with Korea Southern Power (KOSPO) and Korea Midland Power (KOMIPO) to develop the Incheon offshore wind project in South Korea.
The 1.6GW offshore wind facility will have the capacity to generate enough renewable energy to power 1.3 million Korean households while displacing almost four million metric tonnes of carbon emissions a year.
The project will also support the South Korean government’s green energy transition efforts and help it reach its net-zero emissions target by 2050.
It will require a total investment of more than KRW1tn ($839.2m) and is expected to create a number of jobs for Incheon’s economy.
The offshore wind facility is also related to the Korean Green New Deal, which focuses on renewable energy, green infrastructure and the industrial sector.
KOSPO president Seung-Woo Lee said: “The MoU with Ørsted, the world’s leading company in the offshore wind industry, will be of great help to our company’s expansion of the new and renewable energy business.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Under the terms of the MoUs, Ørsted, KOSPO and KOMIPO aim to increase South Korea’s offshore wind capacity and explore several areas for collaboration.
These include renewable energy certificate offtake, technology exchange for offshore wind operations and maintenance (O&M) and joint operation and partnerships.
The three companies intend to develop the offshore wind facility 70km from the Incheon coastline to reduce its impact on the environment and fishing waters.
Ørsted Group deputy CEO Martin Neubert said: “The MoUs with KOSPO and KOMIPO, two leading Korean utilities who could be the future off-takers of renewable energy certificates from the Incheon offshore wind farm, takes us an important step closer towards developing this flagship project.”
Earlier this month, Ørsted signed an MoU with KOSPO to jointly develop an 800MW offshore wind facility in Ongjin, Incheon.