Orsted Signs Deal to Establish Offshore Wind Power Industry in Korea
By Dominic Chopping
Orsted has signed a memorandum of understanding with the city of Incheon in Korea to develop an offshore wind power industry in the region, driven by Orsted's 1.6 gigawatt project off the coast of the city.
The Danish renewable-energy company said Thursday that through the collaboration, Incheon City will provide administrative support and establish policies and infrastructure for offshore wind.
"Orsted will work closely with the city of Incheon to launch a new offshore wind industry and boost local economic development in the region," Orsted Chair Thomas Thune Andersen said.
Korea's Ministry of Trade, Industry & Energy issued Orsted an electricity business license in November 2023, granting the company exclusive development rights for an offshore wind farm located 70 kilometers off the coast of Incheon. The next steps for the project include environmental impact assessments, site investigations, and preparations for participating in Korea's annual fixed-price wind auction.
Subject to the successful outcome of these processes and Orsted taking final investment decision, the project is expected to be completed in the early 2030s and has the potential to provide renewable energy to over 1 million Korean households.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
February 22, 2024 07:29 ET (12:29 GMT)
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