Copenhagen Infrastructure Partners will invest $350m into offshore wind projects in South Korea.
The investments will support the development and construction of gigawatt-scale offshore wind projects in the country, where CIP has been developing and securing electricity business licenses since 2018, a Danish fund manager said.
The projects, which include both fixed bottom and floating offshore wind, are located in the Jeonnam Province and are expected to support Korea’s ambitious target of reaching 14,3 GW of offshore wind power by 2030, against the existing 0,1 GW installed today.
The investment form was signed in the presence of the Republic of Korea’s President Yoon Suk-Yeol by CIP’s managing partner Jacob Baruël Poulsen. Since entering South Korea, CIP has invested heavily and introduced innovative technologies to the market. Its largest dedicated clean hydrogen fund globally is also exploring opportunities for cooperation and development of its power-to-X business and CIP is also looking to expand its concept of energy island to Korea.
Norway’s Equinor is also said to have committed to investing in South Korean offshore wind, where it is looking to build a potential 800 MW floating offshore wind project called Firefly off the coast of Ulsan.
