Ørsted Inks MoU with KOEN for 1.4 GW Incheon Offshore Wind Project
Ørsted, a global leader in offshore wind, has signed a Memorandum of Understanding (MoU) with Korea South-East Power (KOEN) for potential collaboration on the 1.4 GW Incheon offshore wind project in South Korea. This follows Ørsted's earlier MoU with POSCO Group and an Electricity Business License (EBL) adjustment.
The 1.4 GW Incheon project, Ørsted's first in Korea, is situated about 70 kilometres off the coast of Incheon. Per Mejnert Kristensen, Ørsted's CEO for the APAC region, has been instrumental in these partnerships, including the recent one with KOEN. He believes KOEN's expertise and local network will be vital in aligning the project with South Korea's policies and industry ambitions.
Subject to a final investment decision (FID), the Incheon project is expected to be one of South Korea's largest offshore wind farms. Ørsted has also signed an MoU with Incheon Metropolitan City to foster offshore wind power industry development in the region. Site investigations for the Environmental Impact Assessment (EIA) have been completed, and the EIA process and wind farm design are progressing.
Ørsted's partnerships with POSCO Group and KOEN, along with the adjusted EBL, strengthen the 1.4 GW Incheon project's prospects. With KOEN's local expertise and the city's cooperation, the project advances towards becoming a significant contributor to South Korea's renewable energy landscape.
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