The Danish energy group Ørsted has signed Memoranda of Understanding (MoUs) with Korean state-owned utilities Korea Southern Power (KOSPO) and Korea Midland Power (KOMIPO) for the development of the 1.6 GW Incheon offshore wind project in South Korea. Under the two agreements, the three groups will explore key areas of collaboration on Ørsted’s Incheon offshore wind project, contributing to the growth of offshore wind power in South Korea (the country has set a 12 GW offshore wind capacity target by 2030) and supporting the country’s carbon neutrality targets. The exploration will encompass renewable energy certificate (REC) offtake, joint operation and partnerships, as well as technology exchange for offshore wind O&M. Ørsted unveiled plans to develop the Incheon offshore wind project in November 2020.