South Korea Launches 1.5 GW Offshore Wind Tender

October 28, 2024, by Adrijana Buljan

South Korea’s Ministry of Trade, Industry and Energy (MOTIE) has opened a tender for 2.8 GW of wind and solar energy capacity, 1.5 GW of which is being sought through offshore wind.

On 25 October, Korea’s Energy Agency’s Renewable Energy Center issued an invitation to tender which seeks to award 1 GW of fixed-bottom offshore wind and 500 MW of floating wind projects.

The price for offshore wind projects, including floating wind, is capped at KRW 176,565/MWh (around EUR 118/MWh), according to a press release MOTIE published on 25 October.

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The tender was launched in accordance with the Offshore Wind Power Competitive Bidding Roadmap, which will see competitive bidding being improved and implemented in a way that strengthens the supply chain and security, MOTIE said.

Unveiled in August this year, the roadmap sets up the tender(s) as a two-stage process, with the first stage assessing non-price criteria and the second stage evaluating price attributes.

This is the first of several tenders planned under the new roadmap, with the government aiming to auction a total of 7-8 GW of offshore wind capacity from the second half of 2024 to the first half of 2026.

Initially planned to be held in the fourth quarter of each year, the tenders from 2025 have been moved to the second quarter of each year with a notice of an additional tender to be released in the fourth quarter of each year, if needed.