Orsted has signed a memorandum of understanding with Korea South-East Power (KOEN) to explore joint development of the 1400MW Incheon offshore wind farm.
The agreement, signed at KOEN’s headquarters in Jinju, paves the way for cooperation combining Orsted’s global offshore wind expertise with KOEN’s knowledge of Korea’s power market and supply chain.
Incheon is Orsted’s first offshore wind project in Korea and is located about 70km off the coast.
The project was originally awarded a 1.6GW electricity business licence in 2023, later adjusted to 1.4GW in 2025 following stakeholder engagement.
Orsted said site investigations for the environmental impact assessment are complete and design work is progressing.
The company previously signed an MoU with Incheon Metropolitan City to support regional industry development.
Subject to final investment decision, Incheon will be among the largest offshore wind farms in Korea and contribute to national carbon neutrality goals, Orsted added.