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Copenhagen Infrastructure Partners (CIP) announced investments amounting to USD 350 million in offshore wind projects located in Korea. Managing Partner of CIP, Jacob Baruël Poulsen signed an Investment Notification Form on June 21, 2023 in the presence of the Republic of Korea’s President Yoon Suk-Yeol.
Since its entry into Korea in 2018, CIP has made substantial investments and introduced cutting-edge technologies to the market. Notably, CIP’s Energy Transition Fund, recognized as the largest dedicated clean hydrogen fund worldwide, is actively exploring potential collaborations and opportunities for the development of its Power-to-X business. CIP also aims to expand its innovative energy island concept to Korea.
CIP’s Flagship funds are set to provide crucial investments for the development and construction of gigawatt-scale offshore wind projects in Korea. Since 2018, CIP has been actively involved in the development of offshore wind projects in the region and has successfully obtained the Electricity Business License for these projects. The portfolio comprises fixed-bottom and floating offshore wind installations located in the Jeonnam Province, encompassing Shinan County, Yeonggwang County, and the Ulsan region.
The projects, spearheaded by Copenhagen Offshore Partners (COP) as the exclusive offshore wind development partner to CIP, will play a pivotal role in supporting Korea’s ambitious goal of achieving 14.3 GW of offshore wind power by 2030. This target represents a substantial increase compared to the current installed capacity of 0.1 GW. With its vast potential for offshore wind energy, Korea is committed to achieving carbon neutrality by 2050, necessitating the implementation of large-scale renewable projects including offshore wind projects.
Jacob Baruël Poulsen, Managing Partner at CIP, commented, “I am proud to have announced before President Yoon Suk-Yeol our plan and commitment to significant invest in the strong offshore market and industry in Korea on behalf of CIP’s Flagship Funds. 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. And we look forward to accentuating these efforts by investing 350 million US dollars 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, added, “The investment of 350 million US dollars will go to development of our offshore wind portfolio in Korea including the advanced 99MW Jeonnam 1 project. We have grown our team to about 70 people based in Korea including expatriates and local offshore wind experts and this investment will allow us to continue growing the team and sharing of know-how with local partners and further the local content contribution. By materializing our GW-scale project we hope to create momentum in the Korean offshore wind market.”
