Orsted Secures 1.6 GW Offshore Wind License in Korea, Marks Milestone Towards Green Energy Transition

Orsted wind energy

Orsted, a global leader in renewable energy, has achieved a significant milestone in South Korea’s green energy landscape by securing a 1.6 GW Electricity Business License (EBL) from the Ministry of Trade, Industry & Energy. This license grants Orsted exclusive rights for the development of the gigawatt-scale Incheon offshore wind project, situated 70 km off the coast of Incheon City.

The Incheon offshore wind initiative is poised to be a cornerstone of Korea’s renewable energy strategy, playing a pivotal role in the nation’s ambition to achieve carbon neutrality by 2050. Upon completion, this project is expected to be the largest of its kind in Korea, catering to over a million households with clean, renewable energy while significantly reducing carbon emissions by an estimated 4 million tonnes annually.

Per Mejnert Kristensen, Senior Vice President and President of Region APAC at Orsted, expressed enthusiasm about the project’s potential impact, stating, We are eager to contribute to expediting the country’s transition towards green energy and supporting Incheon’s aspirations as a renewable power hub.”

Kristensen emphasized Orsted’s extensive experience in delivering large-scale offshore wind power projects globally and highlighted the company’s successful collaboration with Korean suppliers over the past decade. This collaboration aims to set a precedent for a robust offshore wind industry in Incheon, generating clean energy reliably, attracting long-term investments, and fostering job creation within Korea.

Ronnie Brandstrup, Head of APAC Project Development & Programmes at Orsted, underscored the company’s commitment to fostering local engagement. Brandstrup emphasized Orsted’s dedication to promoting co-existence initiatives with local communities, intending to create opportunities for various local industries, fishermen, and residents throughout the project’s lifecycle.

The project’s next phases include rigorous environmental impact assessments, site investigations, and preparations to participate in Korea’s annual fixed-price wind auction. Pending successful outcomes from these processes and Orsted’s final investment decision, the Incheon offshore wind project is slated for completion in the early 2030s.

The announcement marks a significant stride towards Korea’s renewable energy ambitions, showcasing Orsted’s commitment to driving sustainable energy transitions globally and solidifying its position as a key player in the region’s green energy landscape.

Orsted’s achievement in securing the Incheon offshore wind license signifies a pivotal step in Korea’s renewable energy journey, paving the way for a sustainable and cleaner future while aligning with global climate objectives.