Ørsted has signed a memorandum of understanding with Incheon Metropolitan City, Korea, to co-operate on developing a world-class offshore wind power industry in the region. The aim of the agreement is to establish a successful local wind power industry driven by Ørsted’s 1.6 GW offshore wind project off the coast of Incheon.

Incheon City will provide administrative support, including ‘enhancing local awareness and understanding’, and establish policies and infrastructure for offshore wind.

The ministry of Trade, Industry & Energy of the Republic of Korea issued a 1.6 GW electricity business licence (EBL) in November 2023, granting Ørsted exclusive development rights for an offshore wind farm located 70 km off the coast of Incheon. It is set to become the largest in Korea, accelerating the country’s net-zero transition while creating local jobs and supply chain opportunities.

The next steps the project include environmental impact assessments, site investigations, and preparations for participating in Korea’s annual fixed-price wind auction. Subject to the successful outcome of these processes and Ørsted’s taking a final investment decision, the project is expected to be completed in the early 2030s.

Image (L-R): Ingrid Reumert, Ørsted's Head of Global Stakeholder Relations; Lars Aagaard, Danish Minister for Climate, Energy & Utilities; Yoo Jeong-bok, Incheon Metropolitan City Mayor; Thomas Thune Andersen, Chair of Ørsted's Board of Directors; Kim Hyung Gil, Korean Ambassador to Denmark; and Svend Olling, Danish Ambassador to Korea at the signing ceremony (courtesy of Ørsted)