Orsted has secured development rights for a 1600MW offshore wind project off the coast of Incheon, South Korea.
The developer has been granted the 1.6GW electricity business license (EBL) by the Ministry of Trade, Industry & Energy for the project located 70 km off the coast of Incheon City.
The license grants Orsted exclusive development rights for its gigawatt-scale Incheon offshore wind project, which has the potential to support Incheon City’s net zero target with a capacity.
The next steps for Orsted’s Incheon offshore wind project include environmental impact assessments, site investigations, and preparations for participating in Korea’s annual fixed-price wind auction.
Subject to the successful outcome of these processes and Orsted taking the final investment decision, the project is expected to be completed in the early 2030s.
Per Mejnert Kristensen, Senior Vice President and President of Region APAC at Orsted, said: “At Orsted, we’re pleased to secure our first electricity business license in Korea.
“We now look forward to helping to accelerate the country’s green energy transition and support Incheon’s ambitions as a hub for renewable power.
“Orsted has unparalleled capabilities for delivering large-scale offshore wind power projects, and we have a strong track record working with Korean suppliers in our global portfolio over the past decade.
“This collaboration will ensure the Incheon project leads the way for a thriving offshore wind industry, capable of generating clean energy reliably, attracting long-term investments, and creating jobs in Korea.”
Ronnie Brandstrup, Head of APAC Project Development & Programmes at Orsted, said: “Our teams have worked tirelessly to promote local co-existence initiatives, and we’ll continue to actively engage with the local communities to create opportunities for local industries, fishers, and residents throughout the entire cycle of the project.”