The South Korean Ministry of Trade, Industry and Energy has awarded 2,085 MW of offshore wind capacity in South Korea’s latest wind auction. 1,886 MW of offshore capacity was awarded across four projects, and the South Korean Government awarded 20-year fixed tariff power purchase agreements (PPAs) to the four selected developers. As for onshore wind, 199 MW were awarded across six projects. The tender was oversubscribed, as it exceeded the 1.8 GW target originally set by the government.
The offshore wind projects include the 750 MW Firefly/Bandibuli floating wind project developed by Equinor, the 500 MW Taean project from Vena Energy, the 532 MW Anma project from Jeonnam (comprising the 224 MW Anma 1 park and the 308 MW Anma 2 park), and the 104 MW Yeonggwang Yawol project by Daehan Green Power. The auction’s ceiling price was set at KRW176,565/MWh (US$121.9/MWh).
At the end of 2023, 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.
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