Ørsted to partner with S Korean city on offshore industry development

Ørsted A/S (CPH:ORSTED) said today it has signed a memorandum of understanding (MoU) with South Korea’s Incheon Metropolitan City to partner on developing a local wind power industry spurred by the Danish developer’s 1.6-GW wind project off the coast of Incheon.

Incheon City is expected to provide administrative support, including improving local awareness and understanding, and establish policies and infrastructure for offshore wind.

The agreement was signed at Ørsted’s offices in Greater Copenhagen in Denmark.

In November 2023, Ørsted received electricity business license for the project, which grants exclusive development rights. The next steps include environmental impact assessments, site investigations, and preparations for taking part in South Korea’s annual fixed-price wind auction, the company explained. Subject to successful completion of these processes and a final investment decision, the Incheon offshore wind project is expected to be finished in the early 2030s. The wind farm could aid Incheon City’s net-zero target by providing green power to over 1 million households.

“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,” commented Thomas Thune Andersen, chair of Ørsted’s board of directors.

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