Through this MoU, the two parties agreed to explore possibilities for cooperation across the offshore wind supply chain, including steel supply, onshore and offshore construction, and operations and maintenance (O&M).
Under the agreement, the POSCO Group will explore opportunities on supplying high-strength steel for offshore wind substructures and towers, cooperating on Engineering, Procurement, Construction & Installation (EPCI), including onshore infrastructure and offshore installation, and pursuing project development through equity participation and offshore wind farm O&M opportunities.
Ju-Tae Lee, Head of Future Strategy at POSCO Holdings, said: “The POSCO Group possesses end-to-end capabilities across Korea’s offshore wind value chain and this MOU represents an execution-driven collaboration model that will enhance the competitiveness of Korea’s offshore wind industry and contribute to the expansion of renewable energy.”
Per Mejnert Kristensen, CEO of Region APAC at Ørsted, said:
“This MOU marks an important step in strengthening Ørsted’s collaboration with POSCO, one of Korea’s most influential corporations. POSCO’s capabilities in steel, engineering, and industrial development, combined with Ørsted’s deep expertise as a global leader in offshore wind, create a strong platform to ensure the success of the Incheon project. Together, we aim to identify synergies that can accelerate progress, advance Korea’s offshore wind industry, and contribute to the nation’s energy transition.”
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.
