Ørsted has secured an Electricity Business License (EBL) from the Ministry of Trade, Industry and Energy of the Republic of Korea for the 1.6 GW Incheon offshore wind project.
The license grants Ørsted exclusive development rights for its gigawatt-scale Incheon offshore wind project which is set to become the largest in Korea on completion and will contribute to the country’s goal of being carbon neutral by 2050.
“At Ørsted, we’re pleased to secure our first Electricity Business License in Korea. We now look forward to help accelerate the country’s green energy transition and support Incheon’s ambitions as a hub for renewable power,” said Per Mejnert Kristensen , President of Ørsted Asia Pacific.
Located 70 kilometres off the coast of Incheon City, the offshore wind project has the potential to support the city’s net-zero target with a capacity to provide renewable energy to over a million households whilst reducing carbon emissions by approximately four million tonnes annually, said the developer.
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The Danish offshore wind developer with a Seoul address announced the intention to develop the Incheon offshore wind project in November 2020.
In 2020, the company deployed four floating lidars off the coast of Incheon and to collect all relevant data for securing the potential 1.6 GW offshore wind sites.
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 the company taking the final investment decision, the project is expected to be completed in the early 2030s, Ørsted said.