CIP and Vena Energy’s South Korean Offshore Wind Farm Secures Offtake Contract

January 24, 2025, by Adnan Memija

Taean Wind Power, a joint offshore wind project between Copenhagen Infrastructure Partners (CIP) and Vena Energy, has secured a fixed-price offtake contract in South Korea, with commercial operations expected to begin by late 2029.

The 500 MW offshore wind project has been awarded an offtake contract in the 2024 wind power fixed-price contract auction arranged by the Korea Energy Agency (KEA).

Taean Wind Power is targeting to commence construction in the second half of 2026, with commercial operations expected by late 2029.

In November 2024, the developer selected LS Cable & System as the preferred submarine cable supplier for the 500 MW project. The company’s scope includes engineering, manufacturing, delivery, and installation of cables.

South Korea Awards Nearly 1.9 GW of Offshore Wind Capacity

Planning & Permitting

CIP, through its flagship fund Copenhagen Infrastructure V, acquired a 49 per cent stake in Taean Wind Power in late 2024 and will develop the project jointly with Vena Energy.

“We look forward to completing this exciting project together with our new partners at Vena Energy who, with a strong track record of developing green energy solutions across the APAC region, is a great match for us. The participation in the Taean project will further strengthen and diversify CI V’s investment portfolio and support our ambition of securing attractive risk-adjusted returns for our investors,” said Thomas Wibe Poulsen, partner at CIP.

South Korea has set a target of 14.3 GW of installed offshore capacity by 2030.

“Taean Wind Power represents a significant step forward in advancing Korea’s energy independence and decarbonisation goals, and we are proud to partner with CIP to bring this project to life,” said Simone Grasso, Chief Investment Officer of Vena Energy.

When it comes to CIP, the company is currently developing approximately 5 GW of offshore wind projects in South Korea, including Jeonnam Offshore Wind 1, the country’s first commercial-scale offshore wind project.