Ørsted Korea and the Incheon Free Economic Zone Authority join forces to promote green economy hub powered by offshore wind

The signing of the MoU was held in the Commissioner’s Office at the IFEZA headquarters in Songdo, Incheon City, with the attendance of Seung-Ho Choe, Country Manager of Ørsted Korea, and Jin-yong Kim, Commissioner of IFEZA. At the signing ceremony, Ørsted Korea and IFEZA agreed to promote renewable energy in IFEZ and the surrounding areas. Ørsted Korea and IFEZA will address two critical areas of carbon neutrality in IFEZ – acceleration of IFEZ’s green energy transition and attraction of domestic and global companies to IFEZ. 

Ørsted Korea and IFEZA recognise that IFEZ, a leading export and manufacturing economic area in Incheon City must keep pace with global demand for carbon neutrality. A reliable supply of renewable energy is necessary for Incheon City’s core industries of the future, such as the semiconductor and biotechnology sectors.  

Under the MoU, Ørsted Korea and IFEZA agreed to explore key areas of collaboration, including Ørsted Korea’s 1.6GW Incheon offshore wind projects. The collaboration is set to include feasibility studies to supply renewable energy to companies in IFEZ and the surrounding areas, supply chain development of local industries in Incheon City and the surrounding areas, and job creation in IFEZ and the surrounding areas. In addition, the parties agreed to work together towards collaboration of the green transformation of IFEZ and the wider area in order to attract long-term international investments.

Seung-Ho Choe, Country Manager of Ørsted Korea, said: “Together with IFEZA, we are committed to promoting green transformation and job creation and developing strong partnerships with Incheon stakeholders and suppliers to expand into domestic and APAC markets.” 

He added “Ørsted Korea is developing 1.6 GW Incheon offshore wind projects based on our 30 years of experience and track record as a long term investor. With this agreement we look forward to supporting Incheon and IFEZ to become a hub for offshore wind power development. Ørsted has successfully collaborated with Korea in the offshore wind sector, working with leading Korean suppliers to build offshore wind projects in Europe and Asia since 2013 and provided more than 3 trillion Won worth of contracts.” 

Jin-Yong Kim, Commissioner of IFEZA, said, “IFEZA will make further efforts to achieve carbon neutrality in IFEZ to enable Incheon to attract global front-runners of future industry sectors more than any others.”