Ørsted and KOSPO ink MOU for Incheon project

4C Offshore | Tom Russell
By: 17/01/2022 Ørsted
Ørsted and Korea’s state-owned utility provider, Korea Southern Power (KOSPO), has announced the signing of a memorandum of understanding (MoU), forming a partnership to jointly develop an 800 MW offshore wind project in Ongjin county, Incheon.

The MoU signing event was held as a virtual meeting due to the COVID-19 pandemic and attended by senior management representatives, including Seung-Woo Lee, President of KOSPO, Martin Neubert, Deputy Group CEO of Ørsted and Matthias Bausenwein, President of Ørsted Asia-Pacific.

The 800 MW offshore wind project is part of the 1.6 GW Incheon projects, which are expected to provide energy to 1.3 million South Korean household. The total investment for the Incheon offshore wind projects is multi-trillion Won.

Under the MoU, Ørsted and KOSPO agreed to explore key areas of collaboration on Ørsted’s Incheon offshore wind projects, including Renewable Energy Certificate offtake, joint operation and technology exchange for offshore wind O&M.

In addition, Ørsted and KOSPO plan to build an offshore wind power project more than 70 km from the Incheon coastline, to minimize environmental impact and strive for cooperation with local residents and fishermen in Incheon.

Martin Neubert, Deputy Group CEO of Ørsted, said: “This MoU marks an important milestone for the Incheon offshore wind projects to receive secured revenues, taking us one step closer towards making the flagship wind farms a reality. We are confident that by leveraging our more than 30-years of global experience as well as the know-how and local expertise of KOSPO, we will adapt to the Korean market and form a strong team to foster a vibrant offshore wind industry to create local benefits and economic opportunities, making significant contributions to support Korea in achieving its ambitious 12 GW offshore wind target.”

Seung-Woo Lee, President of KOSPO, commented: "The MoU with Ørsted, the world's leading company in the offshore wind industry, will be of great help to our company's expansion of the new and renewable energy business." He also said: "I expect that it will not only achieve the government's energy transition goal, but also speed up Korea's large-scale offshore wind power development."