Copenhagen Infrastructure Partners and Vena Energy joint venture Taean Wind Power has secured a fixed-price offtake contract in South Korea.
The 500MW project is targeting the start of construction in the second half of 2026, with commercial operations expected by late 2029.
Kwangjin Cheong, Representative Director of Taean Wind Power said: “We extend our gratitude to our stakeholders and partners, including the Government, Taean County, our supply chain collaborators, residents and fisheries for their invaluable support. Together, we are focused on ensuring the success of this project, fostering local engagement, and contributing meaningfully to Korea’s energy transition, engineering a greener future for generations.”
Taean Wind Power has nailed down LS Cable and System as the preferred cable supplier.
Thomas Wibe Poulsen, Partner at CIP, said: “We look forward to completing this exciting project together with our new partners at Vena Energy who, with a strong track record of developing green energy solutions across the APAC region, is a great match for us.”
CIP has some 5GW of offshore wind under development in Korea, and has just recently finished turbine installation at the 96MW Jeonnam Offshore Wind 1 farm, Korea’s first private sector-built commercial-scale offshore farm.
Vena Energy Chief Investment Officer Simone Grasso added: “Taean Wind Power represents a significant step forward in advancing Korea’s energy independence and decarbonisation goals, and we are proud to partner with CIP to bring this project to life.
“We look forward to collaborating with all stakeholders to position Korea as a global leader in the offshore wind sector and to deliver meaningful and lasting economic benefits for the country.”
CIP, through its flagship fund Copenhagen Infrastructure V, acquired a 49% stake in Taean Wind Power in late 2024.