Copenhagen Infrastructure Partners and Vena Energy joint venture Taean Wind Power has announced the signing of two power purchase agreements totalling 500MW.
The PPAs were signed with Korea West Power for 300MW, and Gangneung Eco Power for 200MW, securing long-term offtake for renewable electricity generated by the Taean offshore wind project.
The 500MW Taean project is one of South Korea’s most significant offshore wind developments.
Copenhagen Offshore Partners (COP) is co-leading project development activities for Taean on behalf of the project’s owners. COP is the exclusive offshore wind development partner to CIP.
Representative director of Taean Wind Power Kwangjin Cheong said: “This PPA signing represents a major milestone for the Taean offshore wind project and South Korea’s renewable energy journey.
“By securing long-term agreements with Korea West Power and Gangneung Eco Power, we are not only providing reliable clean electricity but also reinforcing our commitment to building a sustainable energy future together with Korea’s communities and industries.”
Taean Wind Power chief executive and COP Korea CEO Jonathan Spink added: “This PPA signing represents more than just a power supply, it is a symbolic milestone in the journey toward South Korea’s decarbonisation.
“We are proud to contribute to Korea’s energy transition, remain committed to delivering reliable and sustainable offshore wind power, and look forward to creating lasting value for the local community while working closely to support and grow together with it.”
Daniel Astbury, global head of offshore wind at Vena Energy, added: “We would like to sincerely thank the Korean government for its strong support and close cooperation over the past eight months since the fixed-price auction last year.
“During this period, we have witnessed the government’s clear commitment to accelerating the renewable energy transition, as well as the passion and dedication of the project team in general. Vena Energy is dedicated to honouring that confidence by taking a leading role in expanding renewable energy deployment in the Korean market.”
The Taean offshore wind project is expected to provide clean electricity to approximately 300,000 households annually.
Thomas Wibe Poulsen, partner and head of APAC at CIP, said: “This milestone marks a significant step forward for Korea’s offshore wind industry and highlights the country’s growing contribution to the region’s energy transition.
“It stands as a testament to the power of strong partnerships and our shared commitment to advancing sustainable energy solutions.
“CIP will continue to build on the dedication and expertise that made this achievement possible, in close alignment with Korea’s energy transition goals.”