The MOU lays the foundation for a partnership that would combine Ørsted’s track record in developing, constructing, and operating offshore wind farms with KOEN’s deep knowledge of Korea’s power market, supply chain, and offshore wind development. By joining global and local strengths, the companies aim to deliver a successful project that will supply clean energy, invigorate the local economy, and enhance the competitiveness of Korea’s offshore wind industry.
Per Mejnert Kristensen, CEO of Region APAC at Ørsted, said:
“KOEN’s profound expertise in Korea’s energy industry and local network will be pivotal in aligning this project with Korea’s policies and industry ambitions, while Ørsted contributes the global expertise from building the world’s leading offshore wind portfolio. Together, we can accelerate delivery, support Korea’s energy transition, and create long-term value for Incheon.”
The Incheon project is the first offshore wind project developed by Ørsted in Korea. Since Ørsted was granted a 1.6 GW Electricity Business License (EBL) in November 2023, the license size was adjusted to 1.4 GW in March 2025, following local stakeholder engagement during the review process. The project has since made good progress on key development activities, having completed site investigations for the Environmental Impact Assessment (EIA), and is now advancing the EIA process and wind farm design accordingly.
In February 2024, Ørsted also signed an MoU with Incheon Metropolitan City to cooperate on developing an offshore wind power industry in the region, underscoring strong the local stakeholder support.
Subject to final investment decision, the Incheon project is expected to be among the largest offshore wind farms in Korea and play a key role in realising the country’s offshore wind ambitions while contributing to the nation’s carbon neutrality goals.
