Korea’s largest privately owned offshore windfarm enters commercial operation

Construction of the project was led by Copenhagen Offshore Partners (COP) on behalf of the project’s owners, a joint venture including Copenhagen Infrastructure Partners and SK Innovation E&S.

Located 9 km northwest of Jaeundo in Shinan County, Jeonnam Province, Jeonnam 1 has a capacity of 96 MW.

Installation of 10 wind turbines was completed in December 2024, followed by commissioning earlier this year.

Jeonnam 1 is expected to produce 301M kWh of electricity annually, enough to power about 90,000 Korean households for a year. Compared with traditional power sources of equivalent capacity, it is projected to reduce approximately 125,600 tonnes of carbon emissions per year.

COP Korea chief executive Jonathan Spink said, “This project exemplifies how strong collaboration and innovative financing can unlock Korea’s offshore wind potential.

“We are proud to support the development of sustainable energy infrastructure that not only drives economic growth but also helps Korea meet its ambitious climate goals. It’s a historic step toward a cleaner, more resilient energy future for the country.

“Significantly, the project marks the first large-scale offshore wind project in Korea led by the private sector, and adopted a non-recourse project financing model, where funding was raised based on the project’s creditworthiness without additional guarantees. 

“It is also recognised as a successful example of effective public-private co-operation, having navigated and resolved numerous regulatory hurdles from construction to commercial operation.”

COP partner, head of APAC and chief operating officer for the Jeonnam 1, 2 and 3 portfolio Jesper Krarup Holst said, “Achieving this milestone is a significant step forward in our efforts to expand renewable energy in the region.

“We remain committed to supporting the development of sustainable solutions that create local value, strengthen supply chains, and contribute to Korea’s energy independence and climate commitments.” 

Jeonnam 1 collaborated closely with domestic supply chain partners and contributed to local economic revitalisation through engagement with local communities and the use of regional ports and infrastructure. 

COP said the project showcases the potential for sustainable growth in Korea’s offshore wind market. The project also successfully localised key components and installation equipment through partnerships with Korean companies, strengthening South Korea’s offshore wind supply chain and supporting the training and development of skilled professionals in the sector. 

COP and CIP’s development pipeline in Korea includes approximately 5 GW of offshore wind projects in Shinan, Ulsan and Taean, including Jeonnam 2 & 3, Haesong 1 & 3, Haegum 1 & 2, and Taean Wind Power.