Danish renewable energy developer Ørsted has been granted a 1.6GW electricity business license by the South Korean Ministry of Trade, Industry, and Energy for an offshore wind project located 70 km off the coast of Incheon City.
The license grants Ørsted exclusive development rights for its gigawatt-scale Incheon offshore wind project, which is set to become the largest in South Korea on completion and will contribute to the country’s goal of being carbon-neutral by 2050.
The project has the potential to support Incheon City’s net-zero target with a capacity to provide renewable energy to over a million households while reducing carbon emissions by approximately four million tonnes annually.
The next steps for the Incheon offshore wind project include environmental impact assessments, site investigations, and preparations for participating in South Korea’s annual fixed-price wind auction.
Subject to the successful outcome of these processes and Ørsted taking the final investment decision, the project is expected to be completed in the early 2030s.
“This collaboration will ensure the Incheon project leads the way for a thriving offshore wind industry, capable of generating clean energy reliably, attracting long-term investments, and creating jobs in South Korea,” Per Mejnert Kristensen, SVP and president of the APAC region at Ørsted, said.
