Ørsted Expands Footprint in Korea with Incheon Offshore Wind Project Agreement

Photo from the signing. From the left: Ingrid Reumert, Ørsted’s Head of Global Stakeholder Relations; Lars Aagaard, Danish Minister for Climate, Energy & Utilities; Yoo Jeong-bok, Incheon Metropolitan City Mayor; Thomas Thune Andersen, Chair of Ørsted’s Board of Directors; Kim Hyung Gil, Korean Ambassador to Denmark; and Svend Olling, Danish Ambassador to Korea.

(IN BRIEF) Ørsted, a global renewable energy leader, has partnered with Incheon Metropolitan City, Korea, to develop an offshore wind power industry in the region. The collaboration aims to establish a local wind power sector centered around Ørsted’s 1.6 GW offshore wind project off the coast of Incheon. Through the agreement, Incheon City will provide administrative support, while Ørsted will leverage its expertise to drive the project’s success. The partnership holds promise for economic growth and sustainability, benefiting local communities and businesses.

(PRESS RELEASE) FREDERICIA, 22-Feb-2024 — /EuropaWire/ —  Ørsted (CPH: ORSTED), a Danish leading operator of offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants as well as the world’s most sustainable energy company, has inked a memorandum of understanding (MoU) with Incheon Metropolitan City, Korea, to collaborate on the development of a robust offshore wind power industry in the region. The partnership aims to establish a thriving local wind power sector centered around Ørsted’s ambitious 1.6 GW offshore wind project off the coast of Incheon.

Under the agreement, Incheon City will provide vital administrative support, bolstering local awareness, understanding, and policy frameworks for offshore wind initiatives. Meanwhile, Ørsted will leverage its extensive 30-year expertise to develop the project into a benchmark model, benefitting local residents, businesses, and suppliers alike.

The MoU signing ceremony, held at Ørsted’s offices in Greater Copenhagen, Denmark, saw Thomas Thune Andersen, Chair of Ørsted’s Board of Directors, and Yoo Jeong-bok, Mayor of Incheon, joining hands to seal the deal. Notable attendees included Lars Aagaard, Danish Minister for Climate, Energy & Utilities, Kim Hyung Gil, Korean Ambassador to Denmark, and Svend Olling, Danish Ambassador to Korea.

Thomas Thune Andersen emphasized Ørsted’s commitment to collaborating closely with Incheon City to kickstart a thriving offshore wind industry, fostering local economic growth and sustainability. He said “Ørsted will work closely with the City of Incheon to launch a new offshore wind industry and boost local economic development in the region. We have a strong track record working with Korean suppliers in our global portfolio over the past decade. We’ll build on this legacy of collaboration with our Incheon project, which will lead the way for a thriving offshore wind industry by generating reliable renewable energy, attracting long-term investments, and creating jobs.”

Mayor Yoo Jeong-bok hailed the partnership as a catalyst for economic revitalization and sustainable growth, foreseeing immense opportunities in offshore wind power projects for regional development. “Offshore wind is a powerful means of achieving decarbonisation and a new industry that can grow sustainably. I expect that today’s agreement with Ørsted will help revitalise our local economy, boost the supply chain, and become a great opportunity for the growth of offshore wind power projects that benefit the region and the growth of our local industry.”

About Ørsted’s Incheon Project

In November 2023, the Ministry of Trade, Industry & Energy of the Republic of Korea granted Ørsted a 1.6 GW electricity business license (EBL) for an offshore wind farm located 70 km off the coast of Incheon. Upon completion, it will be Korea’s largest offshore wind farm, driving the nation’s net-zero transition while generating local employment and supply chain prospects.

Key upcoming milestones include environmental impact assessments, site investigations, and preparations for Korea’s annual fixed-price wind auction. Pending successful outcomes and Ørsted’s final investment decision, the project is slated for completion in the early 2030s.

Ørsted’s Incheon project holds the potential to bolster Incheon City’s net-zero ambitions by supplying renewable energy to over 1 million Korean households and curbing carbon emissions by approximately 4 million tonnes annually.

For further information, please contact:

Global Media Relations

Jakob Gøtzsche Vesterager
+45 99 55 78 21
javen@orsted.com

Investor Relations

Rasmus Keglberg Hærvig
+45 99 55 90 95
ir@orsted.com 

About Ørsted

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in Denmark, Ørsted employs approx. 8,900 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2023, the group’s revenue was DKK 79.3 billion (EUR 10.6 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and X.

SOURCE: Ørsted A/S