Ørsted signs MoU with KOMIPO to form cooperative framework, marks major step towards realising Incheon offshore wind projects

Ørsted, the global leader in offshore wind, and Korea Midland Power (KOMIPO) announced today (20) the signing of a memorandum of understanding (MoU) for joint development of 800MW large-scale offshore wind project at Ongjin county, Incheon.
(From left) Martin Neubert, Deputy Group CEO of Ørsted, Ho-Bin Kim, CEO of Korea Midland Power, and Seung-Ho Choe, Country Manager for Ørsted in Korea, signed the Memorandum of Understanding on Jan 20 to form strong partnership to develop Ørsted’s Incheon offshore wind projects.
The MoU signing event was held as a virtual meeting and attended by senior management representatives, including Ho-Bin Kim, President of KOMIPO and Martin Neubert, Deputy Group CEO of Ørsted.

Under the MoU, Ørsted and KOMIPO agreed to contribute to the growth of offshore wind power and carbon neutrality in Korea and to explore key areas of collaboration on Ørsted’s Incheon offshore wind projects, including offtake agreements and participation in the JV operation and O&M, working towards a broader collaboration on developing renewable energy in Korea.

A KOMIPO official said, "We will cooperate with Ørsted to actively respond to carbon neutrality and energy transition through exchange of offshore wind power O&M technology and mutual cooperation in domestic and overseas renewable energy projects."

In addition to this project, KOMIPO is developing an additional large-scale offshore wind power project in Incheon's EEZ (Exclusive Economic Zone) to take the lead in carbon neutrality as an eco-friendly energy company. Through this, KOMIPO plans to fulfill its social responsibility as a public corporation by always applying a business model that coexists with residents and the environment.

Martin Neubert, Deputy Group CEO of Ørsted, says: “The MoU, the second of its kind we inked with the government-affiliated power generation company in Korea, marked another major step for Ørsted to work with local partners to ensure the success of the Incheon offshore wind projects. This is an excellent example of our commitment and adaptiveness to working with local partners, creating a win-win situation for Korea’s offshore wind industry and making significant contributions to the country’s energy transition.”

Ørsted has long-term collaboration with Korea in the offshore wind sector, working with the competent Korean suppliers in the global portfolio since 2013, having provided more than 2 trillion Won worth of contracts. The company is committed to expanding the strong partnership with Korean stakeholders and suppliers to its domestic market, leveraging the company’s offshore wind projects, which will be located more than 70km from the main parts of Incheon City. 

Ørsted’s Incheon offshore wind projects are expected to play an important role in revitalising the local economy through creating green jobs and attracting multi-trillion Won of investment.   
The Incheon offshore wind projects will also provide clean energy to 1.3 million South Korean households and reduce carbon emissions by almost 4 million metric tons per year, thus making significant contributions to supporting Korea in achieving energy transition and Net-Zero emissions by 2050.        
About Ørsted in Korea 
As the global leader in offshore wind, Ørsted has long-term collaboration with Korean suppliers since 2013 and established our office in Seoul for offshore wind development since 2018 with fabrication yards in Goseong, Tongyoung and Gwangyang to support our global and regional portfolios. 

In November 2020, Ørsted announced the intention to develop Incheon offshore wind projects, which will be located more than 70 kilometres off the coast of Incheon City. With a potential capacity of 1.6 GW, the projects can provide clean energy to power up to 1.3 million Korean households and a reduction of almost 4 million metric tons of CO2 per year. The construction of the projects will be finalised in 2026, subject to permits, off-take agreement, and final investment decision. For more information, please visit https://orsted.kr/

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