Ørsted Signs MoU with Korea South-East Power for Joint Development of 1.4GW Incheon Offshore Wind Farm

Ørsted and Korea South-East Power signed a memorandum of understanding at the Korea South-East Power headquarters in Jinju, Gyeongnam, to jointly develop a 1.4GW offshore wind power project in Incheon. Ørsted

Ørsted, an offshore wind power developer headquartered in Denmark, announced on September 26 that it has signed a memorandum of understanding (MoU) with Korea South-East Power for the joint development of a 1.4-gigawatt (GW) offshore wind farm to be built approximately 70 kilometers off the coast of Incheon.

The signing ceremony took place at the Korea South-East Power headquarters in Jinju, Gyeongnam. Through this memorandum of understanding, the two companies plan to discuss the possibility of Korea South-East Power participating in the development of the Incheon offshore wind power project.

Per Mejnert Kristensen, CEO of Ørsted Asia-Pacific, stated, "We expect that Korea South-East Power's expertise and network in the Korean energy industry will play a key role in advancing the Incheon offshore wind power project in alignment with Korea's policy direction and industrial vision."

The Incheon offshore wind power project is Ørsted's first offshore wind initiative in Korea. Ørsted obtained a 1.6GW electricity business license (EBL) in November 2023. After a review reflecting feedback from local stakeholders, the permitted capacity was adjusted to 1.4GW in March 2025. Currently, the environmental impact assessment process and the wind farm design are underway.

Previously, in February 2024, Ørsted signed a memorandum of understanding with Incheon Metropolitan City to cooperate on fostering a world-class offshore wind power industry in the region. Depending on the final investment decision (FID), the Incheon offshore wind power project is expected to become one of the largest offshore wind farms in Korea.

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