Ørsted and Incheon City join forces to revitalise Incheon economy with new offshore wind power industry

  • Ørsted, the global offshore wind leader, signs inaugural Memorandum of Understanding with Incheon Metropolitan City.
  • First agreement of its kind in Incheon aims to establish a successful local wind power industry driven by Ørsted’s 1.6 GW offshore wind project off the coast of Incheon.
  • Ørsted's Incheon project is expected to supply clean energy to over 1 million households, accelerating Korea’s net-zero transition whilst creating local jobs and supply chain opportunities.
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.

Ørsted, the global offshore wind leader, today announced that it has signed a memorandum of understanding (MoU) with Incheon Metropolitan City to cooperate on developing a world-class offshore wind power industry in the Incheon region.

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 as 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. 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.”

Yoo Jeong-bok, Incheon Metropolitan City Mayor, says:
“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.”

As part of the Incheon Mayor’s visit to Denmark, he also toured Avedøre Power Station, a converted fossil fuel to sustainable biomass-fired power station owned and operated by Ørsted. The combined heat and power plant consists of two wood pellet-fired units and a straw-fired unit which supply power to the Danish power grid and district heating to the Greater Copenhagen area. Ørsted is establishing carbon capture at the Avedøre Power Station which will capture 150,000 tonnes of biogenic carbon dioxide per year, demonstrating further contribution to decarbonisation.

For additional information, please contact:

Ørsted Asia Pacific Media Relations

About Ørsted’s Incheon project

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, accelerating Korea’s net-zero transition while creating local jobs and supply chain opportunities, building on Ørsted’s industry-leading sustainability commitments.

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.