Ørsted has signed a memorandum of understanding (MoU) with Incheon Metropolitan City, Korea, to collaborate on developing an offshore wind power industry in the region.The agreement aims to establish a local wind power industry propelled by Ørsted’s 1.6 GW offshore wind project off the coast of Incheon. Incheon City will provide administrative support, including enhancing local awareness and understanding, and establish policies and infrastructure for offshore wind. Meanwhile, Ørsted will utilise its experience to develop its projects into an exemplary model.
The Ministry of Trade, Industry & Energy of the Republic of Korea issued a 1.6 GW electricity business license (EBL) in November 2023, granting Ørsted exclusive development rights for an offshore wind farm located 70 km off the coast of Incheon. 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. Subject to the successful outcome of these processes and Ørsted's final investment decision, the project is expected to be completed in the early 2030s.
