Copenhagen Infrastructure Partners (CIP) has committed to investments of US$350m into offshore wind projects in South Korea.
The investments from CIP’s Flagship funds will support the development and construction of GW-scale offshore wind projects in South Korea.
CIP has been in the nation since 2018 developing offshore wind projects and secured Electricity Business License for those projects.
The projects include both fixed bottom and floating offshore wind and are located in the Jeonnam Province, including Shinan County, Yeonggwang County, and the Ulsan region.
The projects which are developed by Copenhagen Offshore Partners (COP), the exclusive offshore wind development partner to CIP, will support Korea’s ambitious target of reaching 14.3GW of offshore wind power by 2030.
This represents a significant increase to the existing 0.1GW installed today.
Korea has vast potential for offshore wind and has pledged to achieve carbon neutrality by 2050 which will require delivery of additional large-scale renewables including offshore wind projects, CIP said.
Jacob Baruël Poulsen, managing partner at CIP, said: “I am proud to have announced before President Yoon Suk-Yeol our plan and commitment to significant invest in the strong offshore market and industry in Korea on behalf of CIP’s Flagship Funds.
“We have, since entering the Korean market in 2018, worked diligently with local companies, authorities, and communities to develop wind power supply networks and foster an even stronger industry ecosystem.
“And we look forward to accentuating these efforts by investing 350 million US dollars to develop GW-scale offshore wind projects in Korea which will make a meaningful contribution to both the local and global green transition.”
David Taesung Yoo, Co-chief executive of COP Korea, added: “The investment of US$350 million US will go to the development of our offshore wind portfolio in Korea including the advanced 99MW Jeonnam 1 project.
“We have grown our team to about 70 people based in Korea including expatriates and local offshore wind experts and this investment will allow us to continue growing the team and sharing of know-how with local partners and further the local content contribution.
“By materialising our GW-scale project we hope to create momentum in the Korean offshore wind market.”