Ørsted signs MoU with Root Energy to establish resident participation program for Incheon offshore wind projects

Global offshore wind leader Ørsted signed a memorandum of understanding (MoU) with Root Energy, Korea’s leading renewable energy investment platform, to cooperate on a community investment program for Incheon residents to participate in offshore wind power projects.
The MOU signing event between Ørsted and Root Energy, held on May 2nd, 2022
The MOU signing event between Ørsted and Root Energy, held on May 2nd, 2022
This cooperative effort is in relation to the Government’s pioneering resident participation initiative. Ørsted and Root Energy will work together to fulfil the scheme’s ambitions, promoting the co-existence of offshore wind projects with the fisheries industry and local residents. As the first offshore wind company to cooperate with Root Energy in Korea, Ørsted aims to encourage residents to directly participate in its 1.6GW projects off waters west of Deokjeok Island in Incheon, contributing to the long-term development of the green energy-driven local economy.

Yesterday on the 2nd, Seung-Ho Choe, Country Manager of Ørsted Korea, and Tae-Hwan Yoon, CEO of Root Energy attended the signing ceremony and agreed to make full use of their expertise to deliver projects optimized for the local community. Based on proactive communication with the local community, Ørsted will work on project development, construction, and operation, while Root Energy will work on developing a community investment program that will be arranged and operated by Orsted.

Seung-Ho Choe, Country Manager of Ørsted Korea, said: “Ørsted hopes to bring our long-term experience to support Korea’s energy transition while delivering substantial local benefits and building trust among local stakeholders including fishermen and residents. Our collaboration with Root Energy will create an inclusive community funding model which will generate profits for Incheon communities and economic growth in the years ahead.”

Tae-Hwan Yoon, CEO & Founder of Root Energy, said: “It is our pleasure to collaborate with Ørsted, the global leader in offshore wind with unparalleled technical expertise and global commitment in developing offshore wind energy. We believe that our partnership will help accelerate South Korea’s offshore wind industry, by creating sustainable, long-term economic benefits to the local communities, not just providing cash compensation.

Meanwhile, as part of its efforts to strengthen bonds with local communities in Incheon, Ørsted recently sponsored Deokjeok High School baseball team and provided educational equipment such as a digital piano and tablet PCs to two branch schools located in Jawol-myeon, Ongjin County. The company plans to continue investing in the local area and creating opportunities for economic growth."
Seung-Ho Choe(left), Country Manager for Ørsted Korea, and Tae-Hwan Yoon(right), CEO & Founder of Root Energy

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