The Danish energy company Ørsted has been awarded an electricity business license (EBL) by South Korea’s Ministry of Trade, Industry and Energy for a 1.6 GW offshore wind project located 70 km off the coast of South Korea’s Incheon City. The license grants Ørsted exclusive development rights for the project, which is set to become the largest in Korea on completion and will contribute to the country’s goal of being carbon-neutral by 2050.
The project is scheduled to be commissioned in the early 2030’s. Once completed, the wind park will be able to supply power to around 1 million Korean households and offset emissions by about 4 MtCO2/year. The next steps for Ørsted’s Incheon offshore wind project include environmental impact assessments, site investigations, and preparations for participating in Korea’s annual fixed-price wind auction.
At the end of 2022, offshore wind accounted for less than 1% of South Korea’s installed capacity (136 MW). South Korea has set a target to reach 12 GW of offshore wind capacity by 2030.