Ørsted has signed a Memorandum of Understanding (MoU) with Korea South-East Power (KOEN) to explore KOEN’s potential participation in the development of Ørsted’s 1.4 GW Incheon offshore wind project in South Korea.
Located approximately 70 kilometres off the coast of Incheon, the 1.4 GW project is the first offshore wind farm developed by Ørsted in Korea. The developer was granted a 1.6 GW Electricity Business License (EBL) in November 2023, which was adjusted to 1.4 GW in March 2025.
Ørsted has completed site investigations for the Environmental Impact Assessment (EIA) and is now advancing the EIA process and wind farm design accordingly, according to the developer, which last year signed an MoU with Incheon Metropolitan City to cooperate on developing an offshore wind power industry in the region.
The company also recently entered an MoU with South Korea’s steelmaker POSCO Group to explore a partnership on the Incheon offshore wind project, under which POSCO could become a supplier of high-strength steel for offshore wind foundations and towers, with the agreement also including potential equity participation, project development, and offshore wind farm operations and maintenance (O&M) opportunities.
Following the signing of the MoU with KOEN, Per Mejnert Kristensen , CEO of Region APAC at Ørsted, said: “KOEN’s profound expertise in Korea’s energy industry and local network will be pivotal in aligning this project with Korea’s policies and industry ambitions, while Ørsted contributes the global expertise from building the world’s leading offshore wind portfolio. Together, we can accelerate delivery, support Korea’s energy transition, and create long-term value for Incheon.”
Subject to final investment decision (FID), the 1.4 GW Incheon project is expected to be among the largest offshore wind farms in Korea.