Reading Time: 2 minutes
Ørsted and Incheon Metropolitan City, Korea, have entered into a memorandum of understanding (MoU) to collaborate on advancing a world-class offshore wind power industry in the region.
In November 2023, the Ministry of Trade, Industry & Energy of the Republic of Korea granted Ørsted a 1.6 GW electricity business license (EBL) for an offshore wind farm located 70 km off the coast of Incheon. Once completed, it will be Korea’s largest, increasing the country’s net-zero transition and fostering local employment and supply chain opportunities.
The next phases for Ørsted’s Incheon offshore wind project involve conducting environmental impact assessments, site investigations, and readiness for Korea’s annual fixed-price wind auction.
The project is anticipated to reach completion in the early 2030s subject to Ørsted’s final investment decision.
In this partnership, Incheon City commits to providing administrative support, including enhancing local awareness and understanding, and establishing policies and infrastructure for offshore wind. Meanwhile, leveraging its over 30 years of experience, Ørsted aims to develop the projects into a model of excellence that benefits local residents, businesses, and suppliers alike.
Representing the Ørsted Group, Thomas Thune Andersen, Chair of Ørsted’s Board of Directors, and Yoo Jeong-bok, Mayor of Incheon, jointly signed the agreement at a ceremony held at Ørsted’s offices in Greater Copenhagen, Denmark. The event was graced by the presence of Lars Aagaard, Danish Minister for Climate, Energy & Utilities, Kim Hyung Gil, Korean Ambassador to Denmark, and Svend Olling, Danish Ambassador to Korea.
Speaking about the development, Thomas Thune Andersen, Chair of the Board of Directors of Ørsted A/S, said:
“Ørsted will work closely with the City of Incheon to launch a new offshore wind industry and boost local economic development in the region. We have a strong track record working with Korean suppliers in our global portfolio over the past decade. We’ll build on this legacy of collaboration with our Incheon project, which will lead the way for a thriving offshore wind industry by generating reliable renewable energy, attracting long-term investments, and creating jobs.”
Yoo Jeong-bok, Incheon Metropolitan City Mayor,added:
“Offshore wind is a powerful means of achieving decarbonisation and a new industry that can grow sustainably. I expect that today’s agreement with Ørsted will help revitalise our local economy, boost the supply chain, and become a great opportunity for the growth of offshore wind power projects that benefit the region and the growth of our local industry.”
