500 MW South Korean Offshore Wind Farm Secures Power Purchase Agreements

Taean Wind Power, a joint venture between Copenhagen Infrastructure Partners (CIP) and Vena Energy, has signed Power Purchase Agreements (PPAs) totalling 500 MW for its offshore wind project in South Korea.

The agreements cover 300 MW with Korea West Power and 200 MW with Gangneung Eco Power.

“This milestone secures the long-term power offtake for the Taean offshore wind project, laying a solid foundation for stable and sustainable energy supply,” according to the project’s latest social media post.

CIP, through its flagship fund Copenhagen Infrastructure V, acquired a 49 per cent stake in Taean Wind Power in late 2024 and will develop the project jointly with Vena Energy.

The 500 MW offshore wind project has been awarded an offtake contract in the 2024 wind power fixed-price contract auction arranged by the Korea Energy Agency (KEA).

“We would like to sincerely thank the Korean government for its strong support and close cooperation over the past eight months since the fixed-price auction last year. During this period, we have witnessed the government’s clear commitment to accelerating the renewable energy transition, as well as the passion and dedication of the project team in general,” said Daniel Astbury, Global Head of Offshore wind at Vena Energy.

Construction of the Taean offshore wind farm is scheduled to begin in the fourth quarter of 2026, with completion and the start of commercial operations expected in the fourth quarter of 2029.

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NOTE: The article has been updated with the names of the companies that signed the power purchase agreements.