Orsted has signed a second memorandum of understanding in South Korea for the development of the 1600MW Incheon offshore wind farm.
The Danish manufacturer has signed an MoU with Korea Midland Power (KOMIPO), following a separate agreement earlier this week with Korea Southern Power (KOSPO).
The total investment for the Incheon offshore wind project is multi-trillion won, and the large-scale investment related to the Korean Green New Deal will lead to various positive ripple effects, such as the creation of a construction base, supply of equipment, and job creation, which are expected to revitalise the Incheon economy, Orsted said.
Under the two MoUs, the companies have agreed to contribute to the growth of offshore wind power in Korea and to support the country’s carbon neutrality targets by exploring key areas of collaboration on Orsted’s Incheon offshore wind project.
The exploration will encompass renewable energy certificate (REC) off-take, joint operation and partnerships, as well as technology exchange for offshore wind operations and mainteance, while working towards a broader collaboration on developing renewable energy in Korea.
Orsted deputy group chief executive Martin Neubert said: “The MoUs with KOSPO and KOMIPO, two leading Korean utilities who could be the future off-takers of Renewable Energy Certificates from the Incheon offshore wind farm, takes us an important step closer towards developing this flagship project.
“We are confident that by leveraging our more than 30 years of global experience as well as the know-how and local expertise of our partners, we will adapt to the Korean market and create local benefits, economic opportunities, and make a significant contribution by supporting Korea in achieving its ambitious 12GW offshore wind target.”
A KOMIPO official said: “We will cooperate with Orsted to actively respond to the carbon neutrality and energy transition challenge through the exchange of offshore wind power O&M technology and collaboration in domestic and overseas renewable energy projects.”