Orsted Partnership with Incheon for Offshore Wind Industry Development

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Orsted, a Danish renewable-energy company, has announced a partnership with the city of Incheon in Korea to advance the offshore wind power industry in the region. This initiative is driven by Orsted’s 1.6 gigawatt project located off the coast of Incheon.

Collaboration with Incheon City
Through this collaboration, Incheon City will provide administrative support and establish policies and infrastructure to support the growth of offshore wind energy.

Local Economic Development
Orsted Chair Thomas Thune Andersen expressed that the company will work closely with the city of Incheon to launch a new offshore wind industry, ultimately boosting local economic development in the region.

Project Details
Korea’s Ministry of Trade, Industry & Energy granted Orsted an electricity business license in November 2023, giving the company exclusive development rights for an offshore wind farm situated 70 kilometers off the coast of Incheon. The project’s next steps involve environmental impact assessments, site investigations, and preparations for participation in Korea’s annual fixed-price wind auction.

Expected Impact
Upon successfully completing these processes and making the final investment decision, the project is projected to be finalized in the early 2030s. It has the potential to provide renewable energy to over 1 million Korean households.

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