Ørsted inks cooperation pact for 800-MW wind project off S Korea
The Borkum Riffgrund 2 offshore wind farm. Source: MHI Vestas
January 18 (Renewables Now) - Danish energy major Ørsted A/S (CPH:ORSTED) said on Monday it has joined hands with utility Korea Southern Power (KOSPO) to develop an 800-MW offshore wind project off South Korea.
The companies have sealed a Memorandum of Understanding (MoU) during a virtual meeting, setting up a partnership for the specific project that forms part of Ørsted’s 1.6-GW Incheon cluster off the coast of Incheon City.
The 800-MW offshore wind park is set to be installed near the coast of South Korea’s Ongjin country, more than 70 kilometres (43.5 miles) off the Incheon coastline.
Under the MoU, Ørsted and state-owned KOSPO will explore key areas of collaboration on the Incheon projects, including the purchase of renewable energy certificates, joint operation and technology exchange. The schemes will entail a “multi-trillion won” investment, according to the Danish group's estimates.
"This MoU marks an important milestone for the Incheon offshore wind projects to receive secured revenues, taking us one step closer towards making the flagship wind farms a reality,” said Martin Neubert, Deputy Group CEO of Ørsted.
Once in operation, the Incheon wind farms are expected to generate enough electricity to cover the consumption of roughly 1.3 million homes in South Korea. Ørsted announced its intention to deploy the capacity at end-2020 and then said it could start commissioning the wind farms from 2026 onwards.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.