Copenhagen Infrastructure Partners (CIP) recently committed to investing $350 million into offshore wind projects in Korea. The outlays from CIP’s Flagship funds will support the development and construction of gigawatt-scale offshore wind projects in Korea, where CIP has been developing offshore wind projects since 2018.
The projects include both fixed-bottom and floating offshore wind and are located in the Jeonnam Province, including Shinan County, Yeonggwang County and the Ulsan region.
The projects – which are being developed by Copenhagen Offshore Partners (COP), the exclusive offshore wind development partner to CIP – will support Korea’s target of 14.3 GW of offshore wind power by 2030, a significant increase compared to the existing 0.1 GW installed today. Korea has vast potential for offshore wind and has pledged to achieve carbon neutrality by 2050.
“We have, since entering the Korean market in 2018, worked diligently with local companies, authorities and communities to develop wind power supply networks and foster an even stronger industry ecosystem,” says Jacob Baruël Poulsen, managing partner at CIP. “And we look forward to accentuating these efforts by investing $350 million to develop GW-scale offshore wind projects in Korea which will make a meaningful contribution to both the local and global green transition.”
David Taesung Yoo, co-CEO of COP Korea, adds: “This investment will allow us to continue growing the team. By materializing our GW-scale project, we hope to create momentum in the Korean offshore wind market.”