Ørsted has signed a Memorandum of Understanding (MoU) with Korean state-owned companies Korea Southern Power (KOSPO) and Korea Midland Power (KOMIPO) to develop a 1.6GW offshore wind project in Incheon.
Ørsted, KOSPO, and KOMIPO intend to build the Incheon offshore wind project over 70km off the Incheon coastline. The project aims to provide clean energy to 1.3m Korean households while reducing carbon emissions by up to 4m metric tonnes per year.
The Incheon project is expected to make a significant contribution to Korea's green energy transition, as well as supporting its target of reaching net-zero emissions by 2050.
The Korean utilities have committed to contribute to the development of offshore wind power in the country by exploring key areas of collaboration on Ørsted’s Incheon offshore wind project.
Exploration will consist of renewable energy certificate (REC) offtake, joint operation and partnerships, and technology exchange for offshore wind operation and maintenance (O&M) in the country.
Construction of the project is expected to be completed in 2026, subject to the receipt of required permits, off-take agreement, and final investment decision (FID).
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