Ørsted and state-owned utility provider Korea Southern Power (KOSPO) have signed a memorandum of understanding (MoU), forming a partnership to jointly develop an 800 MW offshore wind project in Ongjin County, Incheon.
The 800 MW project is part of the 1.6 GW Incheon projects, which will provide clean energy to 1.3 million South Korean households and reduce carbon emissions by almost 4 million metric tons per year, thus making significant contributions to achieving net-zero emissions by 2050.
“This MoU marks an important milestone for the Incheon offshore wind projects to receive secured revenues, taking us one step closer towards making the flagship wind farms a reality,” says Martin Neubert, deputy group CEO of Ørsted. “We are confident that by leveraging our more than 30-years of global experience as well as the know-how and local expertise of KOSPO, we will adapt to the Korean market and form a strong team to foster a vibrant offshore wind industry to create local benefits and economic opportunities, making significant contributions to support Korea in achieving its ambitious 12 GW offshore wind target.”
Under the MoU, Ørsted and KOSPO agreed to explore key areas of collaboration on Ørsted’s Incheon offshore wind projects, including renewable energy certificate offtake, joint operation, and technology exchange for offshore wind O&M. They plan to build an offshore wind power project site at a distance of more than 70 km from the Incheon coastline to minimize environmental impact.
“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,” states Seung-Woo Lee, president of KOSPO. “I expect that it will not only achieve the government’s energy transition goal, but also speed up Korea’s large-scale offshore wind power development.”
