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Ørsted Targets South Korea’s Offshore Wind Energy Market

Fredericia, Denmark - The Danish energy company Ørsted announced its intention to develop South Korean offshore wind projects with a potential capacity of up to 1.6 GW off the coast of Incheon City.

The announcement was made at an event joined by National Assembly members, South Korea's Energy Agency, and key industry leaders with offshore wind track records in South Korea's supply chain.

Earlier this year, Ørsted achieved an important milestone by deploying four floating lidars off the coast of Incheon and has progressed well in collecting all relevant data for securing the potential 1.6 GW offshore wind sites.

Ørsted's projects in Incheon could provide clean energy to 1.4 million South Korean households and reduce carbon emissions by almost 4 million metric tons per year, thus making significant contributions to the Green New Deal and President Moon's recently announced target of achieving net zero emissions by 2050. In addition, these South Korean flagship projects would bring multitrillion won of investment, generate economic activities and create high-quality jobs.

Many leading South Korean companies have been working with Ørsted for offshore wind projects in Europe and Asia, including POSCO Steel, CS Wind, LS Cable, Hyosung, Samkang M&T, Hyundai ESI and EEW Korea. Most recently, Samkang M&T and Hyundai ESI have completed the fabrication of the first jacket foundations for Ørsted's Greater Changhua 1 & 2a Offshore Wind Farm in Taiwan, demonstrating effective cross-border partnerships.

With a strong commitment to supporting South Korea's green energy transition, Ørsted aims to work with South Korean suppliers and shape a healthy and competitive domestic supply chain that can maintain and expand its export success.

Early on, Ørsted started engagement with local communities and the fishing industry to ensure their voices are being heard and their inputs are incorporated throughout the project development.

Ørsted's offshore wind projects will be located more than 70km from the main parts of Incheon City and have relatively shallow water depths at the target project site to allow for a cost-effective development. Subject to permits, off-take agreement with a Korean energy utility, and final investment decision, the projects could be commissioned from 2026 onwards.

Source: IWR Online, 27 Nov 2020