Ørsted Inks Major MoU with KOEN for 1.4 GW Incheon Offshore Wind Project
Ørsted, a global leader in offshore wind, has signed a significant Memorandum of Understanding (MoU) with Korea South-East Power (KOEN) to explore potential collaboration on its 1.4 GW Incheon offshore wind project in South Korea. The Danish company's CEO for the Asia-Pacific region, Per Mejnert Kristensen, praised KOEN's expertise and local network as crucial for aligning the project with South Korea's policies and industry ambitions.
Ørsted's foray into the South Korean market began with an MoU signed with Incheon Metropolitan City, aiming to develop an offshore wind power industry in the region. The 1.4 GW Incheon project, located approximately 70 kilometres off the coast, is Ørsted's first in South Korea and, subject to final investment decision, could be among the largest offshore wind farms in the country.
The company has already made progress with site investigations for the Environmental Impact Assessment (EIA) and is advancing the EIA process and wind farm design. Additionally, Ørsted has entered into an MoU with South Korea's steelmaker POSCO Group to explore a partnership on the Incheon offshore wind project, including potential equity participation and operations and maintenance (O&M) opportunities.
With these strategic partnerships, Ørsted is well-positioned to bring its extensive offshore wind experience to South Korea, contributing to the country's renewable energy goals. The Incheon project, once completed, is expected to significantly boost the region's clean energy capacity.
