- Press Releases
January 24 (Renewables Now) - Denmark’s Ørsted A/S (CPH:ORSTED) will partner with utility Korea Southern Power (KOSPO) and a unit of domestic peer Korea Electric Power Corporation (KRX:015760) to develop the 1.6-GW Incheon offshore wind cluster off South Korea.
The companies have sealed Memoranda of Understanding (MoU) with KOSPO and Korea Midland Power (KOMIPO) during a virtual meeting last week, Ørsted said. The agreement with KOSPO covers an 800-MW portion of the whole project.
Under the pact, the companies will explore key areas of collaboration on the Incheon project, including the purchase of renewable energy certificates, joint operation and technology exchange. The schemes will entail a “multi-trillion won” investment, the Danish energy major estimates.
To be installed near the coast of South Korea’s Ongjin country, more than 70 kilometres (43.5 miles) off the Incheon coastline, the Incheon complex is 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.