Ørsted to Develop More Offshore Wind Projects in South Korea

Earlier this year, Ørsted started the deployment of four floating lidars off the coast of Incheon, which collected data for a potential 1.6 GW offshore site. If the wind farms will be realised, 1.4 million South Korean households could be supplied with clean energy. At the same time CO2 emissions could be reduced by almost 4 million tonnes per year. This could make an important contribution to the Green New Deal and to President Moon's recently announced target of net zero emissions by 2050.

Many leading South Korean companies have already worked with Ørsted on offshore wind projects in Europe and Asia. With a strong commitment to support South Korea's transition to green energy, Ørsted intends to continue working with these suppliers and build a healthy and competitive domestic supply chain that can maintain and expand its export success.

Martin Neubert, Executive Vice President and CEO of Ørsted Offshore, said: "The prospects of contributing to South Korea's transition to renewable energy is a great inspiration for Ørsted. With strong industrial capabilities, significant supply chain potential, and numerous sites with promising offshore wind conditions, South Korea has a fantastic starting point for becoming a leading offshore wind market."

Subject to permits, an off-take agreement with a Korean utility and a final investment decision, the projects could become operational from 2026.