Orsted and Korea Southern Power are to explore the possibility of developing an 800MW offshore wind farm off South Korea called Incheon.
The project would be 70km from the coast of Ongjin in the Incheon region of the country.
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The wind farm would supply electricity to 650,000 households in South Korea, and reduce carbon dioxide emissions by about 2 million tonnes.
Korea Southern Power president Lee Seung Woo said: “The business agreement with Orsted, a leading company in the global offshore wind power sector, will be a great help in expanding our new and renewable energy business.”