Ørsted and IFEZA Form Offshore Wind Partnership

February 13, 2023, by Adnan Memija

Ørsted and the Incheon Free Economic Zone Authority (IFEZA) have signed a memorandum of understanding (MoU) to strengthen the cooperation on the green transformation and carbon neutrality of the Incheon Free Economic Zone (IFEZ) in South Korea.

Under the MoU, Ørsted Korea and IFEZA agreed to explore key areas of collaboration, including Ørsted Korea’s 1.6 GW Incheon offshore wind projects.

The collaboration is set to include feasibility studies to supply renewable energy to companies in IFEZ and the surrounding areas, supply chain development of local industries in Incheon City and the surrounding areas, and job creation in IFEZ and surrounding areas.

In addition, the parties agreed to work together towards the collaboration of the green transformation of IFEZ and the wider area in order to attract long-term international investments.

“Ørsted Korea is developing 1.6 GW Incheon offshore wind projects based on our 30 years of experience and track record as a long term investor. With this agreement we look forward to supporting Incheon and IFEZ to become a hub for offshore wind power development”, said Seung-Ho Choe, Country Manager of Ørsted Korea.

The Danish offshore wind developer with a Seoul address announced the intention to develop Incheon offshore wind projects in November 2020.

The projects will be located more than 70 kilometres from the main parts of Incheon City and have relatively shallow water depths at the target project site to allow for a cost-effective development, Ørsted said.

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.

Subject to permits, an off-take agreement with a Korean energy utility, and a final investment decision, the projects could be commissioned from 2026 onwards, the developer said in 2020.