Ørsted has outlined its intention to develop offshore wind projects in Asia Pacific with a potential capacity of up to 1.6 gigawatts (GW).
The Danish renewables giant made its announcement to target developments off the coast of South Korea during an online event which included National Assembly members, political figures and key industry leaders with experience in the East Asian country.
Earlier this year, Ørsted hit an “important milestone” when four floating lidars were deployed off the coast of Incheon, South Korea’s third most-populous city.
Since then the technology has “progressed well” in collecting relevant data needed to secure potential offshore wind sites.
Ørsted’s projects in Incheon could provide clean energy to 1.4 million households and reduce carbon emissions by almost 4 million metric tons per year.
South Korea has goals to become a net zero country by 2050.
In addition, it’s hoped the flagship projects would generate further investment, encourage economic activity and create high-quality jobs.
Engagement with local communities and the fishing industry on the proposals has already taken place.
Ørsted’s offshore wind projects will be located more than 40 miles from the main parts of Incheon where the water depths are relatively shallow, allowing for a “cost-effective” development.
Subject to permits, an off-take agreement with a Korean energy utility and final investment decision, the projects could be commissioned from 2026 onwards.
Martin Neubert, executive vice president and chief executive of Ørsted Offshore, said: “The prospects of contributing to South Korea’s transition to renewable energy is a great inspiration for Ørsted.
“With strong industrial capabilities, significant supply chain potential, and numerous sites with promising offshore wind conditions, South Korea has a fantastic starting point for becoming a leading offshore wind market.”
Matthias Bausenwein, President of Ørsted Asia Pacific, said: “Ørsted’s projects in Incheon will support a thriving offshore wind industry in South Korea and contribute to the realization of the government’s target of 12GW offshore wind capacity by 2030.
“Building on our experience and unparalleled track-record in offshore wind development world-wide and in Asia Pacific, we are dedicated to engaging in long-term partnerships with the South Korean government and local stakeholders.”