Danish developer Ørsted announced it has signed a memorandum of understanding with Korea South-East Power Co., Ltd. (KOEN) to explore collaboration on the Incheon offshore wind project, located approximately 70 km off the coast of the port city bearing the same name. The signing took place at KOEN’s headquarters in Jinju, marking a key milestone in discussions around co-developing the planned 1.4 gigawatt (GW) facility.
A partnership combining global expertise and local knowledge
The proposed cooperation is based on the complementarity between the two parties. Ørsted brings its experience in designing, constructing and operating offshore wind farms, while KOEN, a subsidiary of Korea Electric Power Corporation (KEPCO), holds deep knowledge of the South Korean electricity market, supply chain, and local development conditions. The agreement outlines discussions regarding KOEN’s potential participation in the project’s development phases.
This partnership follows the momentum started in November 2023, when Ørsted was granted a 1.6 GW Electricity Business License (EBL) for the project. Following local stakeholder consultations, the licence was revised to 1.4 GW in March 2025. Since then, site investigations have been carried out for the Environmental Impact Assessment (EIA), which is currently under review, alongside optimisation of the wind farm’s design.
Strategic progress in an emerging offshore market
The Incheon project represents Ørsted’s first offshore wind venture in South Korea. In February 2024, a separate memorandum of understanding was signed between Ørsted and Incheon Metropolitan City, laying the foundation for regional industrial cooperation. These agreements reflect a shared intention to develop a local supply and service chain dedicated to offshore wind.
Subject to final investment decision, the Incheon project is expected to become one of the largest offshore wind farms in the country. It is positioned as an industrial lever for the sector’s development and supply chain structuring, within the context of South Korea’s broader electricity diversification efforts.
Per Mejnert Kristensen, Chief Executive Officer for Asia-Pacific at Ørsted, stated that KOEN’s energy expertise and local networks “will be pivotal in aligning this project with Korea’s policies and industry ambitions.”
