Taean Wind Power has secured a fixed-price offtake contract to develop a fixed-bottom offshore wind farm in South Korea. This project, which promises an installed capacity of 500 MW, plans to start construction in the second half of 2026 and begin commercial operations by the end of 2029.
Taean Wind Power and the development of clean energy
Copenhagen Infrastructure Partners ( CIP ), through its Copenhagen Infrastructure V fund, has joined forces with Vena Energy to acquire 49% of the project by the end of 2024. This partnership combines Vena Energy ‘s technical expertise in renewable energy with CIP’s ability to lead complex offshore wind projects.
The project aims to supply clean energy to 300,000 Korean households annually. LS Cable & System , a Korean cable technology company, has been selected as the preferred supplier, ensuring the participation of local industries in the development of the project.
“Reaching this milestone underscores our dedication to providing clean, sustainable energy to our local communities. We extend our gratitude to our stakeholders and partners, including the Government, Taean County, our supply chain collaborators, residents, and the fishing industry, for their invaluable support. Together, we are focused on ensuring the success of this project, fostering local participation, and contributing to Korea’s energy transition, shaping a greener future for generations.”
Kwangjin Cheong, Representative Director of Taean Wind Power.
With a target of 14.3 GW of installed capacity by 2030, South Korea is positioning itself as a major market for offshore wind energy in Asia-Pacific. This project underlines the country’s ambition to achieve carbon neutrality by 2050, aligning with its national renewable energy goals.
Thomas Wibe Poulsen, Partner at CIP, expressed his enthusiasm: “Taean represents an attractive opportunity to increase our offshore wind presence in Korea. We look forward to completing this exciting project together with our new partners Vena Energy, who, with a strong track record in developing green energy solutions across the APAC region, are a great fit for us. Participation in the Taean project will further strengthen and diversify CI V’s investment portfolio and support our ambition to secure attractive risk-adjusted returns for our investors. “.
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Source and photos: CIP via GlobelNewswire
