For the Incheon project, an agreement with Korea Midland Power follows one with Korea Southern Power.
Orsted has signed a second memorandum of understanding for the construction of the 1600MW Incheon offshore wind farm in South Korea.
Following a separate arrangement with Korea Southern Power earlier this week, the Danish company has inked an MoU with Korea Midland Power (KOMIPO) (KOSPO).
The total investment for the Incheon offshore wind project is multi-trillion won, and the large-scale investment associated with the Korean Green New Deal will have a number of positive ripple effects, including the establishment of a construction base, the supply of equipment, and the creation of jobs, all of which are expected to revive the Incheon economy, according to Orsted.
By examining important areas of collaboration on Orsted’s Incheon offshore wind project, the firms have promised to contribute to the expansion of offshore wind power in Korea and help the country’s carbon neutrality objectives under the two MoUs.
While working toward a larger collaboration on generating renewable energy in Korea, the exploration will include renewable energy certificate (REC) off-take, joint operation and partnerships, as well as technology exchange for offshore wind operations and maintenance.
“The MoUs with KOSPO and KOMIPO, two prominent Korean utilities that might be the eventual off-takers of Renewable Energy Certificates from the Incheon offshore wind farm, move us a crucial step closer to constructing this flagship project,” Orsted deputy group chief executive Martin Neubert said.
“We are confident that by combining our more than 30 years of global experience with our partners’ know-how and local expertise, we will be able to adapt to the Korean market and create local benefits, economic opportunities, and make a significant contribution to Korea’s ambitious 12GW offshore wind target.”
“Through the sharing of offshore wind power O&M technologies and collaboration in domestic and abroad renewable energy projects, we will collaborate with Orsted to aggressively react to the carbon neutrality and energy transition problem,” a KOMIPO official said.