CIP Commits to EUR 320 Million Investment in South Korean Offshore Wind Projects

Business & Finance

June 21, 2023, by Adrijana Buljan

On 21 June, in the presence of the Republic of Korea’s President Yoon Suk-Yeol, Managing Partner of Copenhagen Infrastructure Partners (CIP), Jacob Baruël Poulsen, signed an Investment Notification Form with which CIP is committing to invest USD 350 million (approximately EUR 320.5 million) into offshore wind projects in Korea.

The investments from CIP’s Flagship funds will support the development and construction of gigawatt-scale offshore wind projects in South Korea, where CIP has been developing offshore wind projects since 2018, for which it had secured Electric Business Licenses (EBLs).

CIP’s projects in the country include both fixed-bottom and floating wind farms, located in the Jeonnam Province, including Shinan County, Yeonggwang County, and the Ulsan region. The projects are developed by Copenhagen Offshore Partners (COP), the exclusive offshore wind development partner to CIP.

“The investment of 350 million US dollars will go to development of our offshore wind portfolio in Korea including the advanced 99MW Jeonnam 1 project”, said David Taesung Yoo, Co-CEO of COP Korea.

“We have grown our team to about 70 people based in Korea including expatriates and local offshore wind experts and this investment will allow us to continue growing the team and sharing of know-how with local partners and further the local content contribution. By materializing our GW-scale project we hope to create momentum in the Korean offshore wind market”.

CIP also said that its Energy Transition Fund, a dedicated clean hydrogen fund, was exploring opportunities for cooperation and development of its Power-to-X business in the country and that CIP was also looking to expand its concept of an energy island to Korea.

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A few years ago, CIP entered into a partnership with South Korea’s energy company SK E&S, one of four partnerships and investors which signed a Memorandum of Understanding with the City of Ulsan in 2019, aiming to build and maintain floating wind farms in South Korea.

In 2022, the Danish company and POSCO Energy signed a Memorandum of Understanding (MoU) to work together on the development of offshore wind projects, cooperate on supply chain development for offshore wind, and develop a green hydrogen business.