Offshore wind energy giant Orsted and South Korea’s Incheon city signed a memorandum of understanding (MoU) to foster offshore wind power, leveraging their 1.6 gigawatt (GW) offshore project to drive local development, the company announced on Thursday.
Thomas Thune Andersen, the chairman of Orsted, signed the agreement together with Yoo Jeong-bok, the mayor of Incheon, at a ceremony in the Danish capital Copenhagen, according to a statement from the Danish firm.
Last year, South Korea paved the way for the massive 1.6 GW offshore wind farm, granting Orsted exclusive rights to develop the project, which is expected to be completed in the early 2030s.
Located 70 kilometers off Incheon's coast, the project has the potential to provide renewable energy to over 1 million Korean households and reduce carbon emissions by around 4 million tonnes annually, according to the statement.
“Orsted will work closely with the City of Incheon to launch a new offshore wind industry and boost local economic development in the region,” Andersen said, adding that “we have a strong track record working with Korean suppliers in our global portfolio over the past decade.”
“We’ll build on this legacy of collaboration with our Incheon project, which will lead the way for a thriving offshore wind industry by generating reliable renewable energy, attracting long-term investments, and creating jobs,” he said.
For his part, Incheon’s metropolitan city mayor hailed offshore wind as a powerful means to decarbonize while introducing a new sector that can grow sustainably.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr