Construction of first commercial-scale Korean offshore wind project being initiated

Being developed by SK E&S, one of the largest conglomerates in South Korea and Copenhagen Infrastructure Partners, through its fund Copenhagen Infrastructure III (CI III) fund, the Jeonnam 1 project is on track, with construction activity expected to be completed by the end of 2024. 

The windfarm, expected to be the first commercial-scale South Korean project to enter operation, is in the first of what will be three phases of development.

In association with SK E&S and CIP, Copenhagen Offshore Partners will also be involved in the planning and construction for Jeonnam 2 and Jeonnam 3, two offshore wind projects with a total capacity of 800 MW currently in the development phase. 

Together, Jeonnam 1, 2 and 3 will support South Korea’s ambitious target of reaching 14.3 GW of offshore wind by 2030, a significant increase compared to the existing 0.1 GW installed today.

Jeonnam Offshore Wind Power obtained an Electricity Business License in 2017 and entered a grid connection agreement with KEPCO, the state-owned utility in South Korea, allowing the project to connect to the grid during 2024. 

In 2022, Jeonnam 1 was awarded a 20-year fixed-price offtake agreement with Korea Hydro & Nuclear Power through Korea’s first wind offtake auction.

In 2022, the developers of the project signed manufacturing and construction contracts with South Korean suppliers including Hyundai Engineering and Steel Industries, Hyundai Electric and Gaon, KT Submarine and LS Cable and System. Construction of the windfarm will utilise Mokpo New Port as a marshalling port throughout construction.

Jeonnam 1 chief operating officer and COP partner Jesper Krarup Holst said, “We are delighted to reach this milestone and enter the construction phase together with our JV partner and the project team. Together, we have demonstrated the power of close collaboration across companies and cultures to resolve tough challenges, to reach financial close, and to support Korea in its efforts to achieve their ambitious renewable energy goals.”

CIP senior partner Torsten Lodberg Smed said, “Korea has a vast potential for offshore wind. Since entering the Korean market in 2018, CIP has invested significantly in developing wind power projects there at giga watt scale. We are proud to have reached financial close and enter the construction phase and look forward to completing this landmark project together with our partners.”