South Korea – For the development of the 1.6 GW Incheon offshore wind project, Ørsted has signed memorandums of understanding (MoUs) with Korean state-owned utilities Korea Southern Power (KOSPO) and Korea Midland Power (KOMIPO).
The total investment for the Incheon offshore wind project is multi-trillion won, and the large-scale investment associated with the Korean Green New Deal will result in a variety of positive ripple effects, such as the creation of a construction base, the supply of equipment, and job creation, all of which are expected to revitalize the Incheon economy.
Incheon offshore wind
The Incheon offshore wind project will provide clean energy to 1.3 million Korean households while reducing carbon emissions by nearly 4 million metric tons per year, contributing significantly to Korea’s green energy transition and goal of reaching net-zero emissions by 2050.
Collaboration in the pursuit of a carbon-neutral Korea
Under the terms of the two Memorandums of Understanding, the companies have agreed to explore key areas of collaboration on Ørsted’s Incheon offshore wind project in order to contribute to the growth of offshore wind power in Korea and to support the country’s carbon neutrality targets. While working towards a broader collaboration on developing renewable energy in Korea, the exploration will include renewable energy certificate (REC) offtake, joint operation and partnerships, as well as technology exchange for offshore wind O&M.
Ørsted, KOSPO, and KOMIPO intend to locate the Incheon offshore wind project more than 70 kilometres from the Incheon coastline in order to achieve win-win cooperation with local residents and fishermen in Incheon while minimizing environmental and fishing-water impacts. The two utilities intend to fulfill their social responsibility through these agreements by implementing a business model that benefits both local residents and the environment.