Through this collaboration, Incheon City will provide administrative support, including enhancing local awareness and understanding, and establish policies and infrastructure for offshore wind, while Ørsted will leverage its more than 30 years of experience to develop its projects into an exemplary model that will be of mutual benefit to local residents, businesses, and suppliers.
On behalf of the Ørsted Group, Thomas Thune Andersen, Chair of Ørsted's Board of Directors, signed the agreement together with Yoo Jeong-bok, Mayor of Incheon, at a ceremony at Ørsted's offices in Greater Copenhagen in Denmark. The event was attended by 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, Chair of the Board of Directors of Ørsted A/S, says, "Ørsted will work closely with the City of Incheon to launch a new offshore wind industry and boost local economic development in the region."
Yoo Jeong-bok, Incheon Metropolitan City Mayor, says, "Offshore wind is a powerful means of achieving decarbonization and a new industry that can grow sustainably. I expect that today's agreement with Ørsted will help revitaliae 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."
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. It is set to become the largest in Korea on completion.
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 taking final investment decision, the project is expected to be completed in the early 2030s.
Ørsted's Incheon project has the potential to support Incheon City's net-zero target by providing renewable energy to over 1 million Korean households while reducing carbon emissions by approximately 4 million tonnes annually.
Photo: 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.
