Taean bags offtake deal for offshore wind project in Korea

Construction of the fixed-bottom offshore wind project will commence in 2026.

Copenhagen Infrastructure Partners (CIP) and Vena Energy have announced that their joint offshore wind project, Taean Wind Power, has been awarded an offtake contract in the 2024 Wind Power Fixed-Price Contract Auction.

In a statement, CIP said the 500 megawatt fixed-bottom offshore wind project will commence construction in the second half of 2026, with commercial operations expected by late 2029.

The project is projected to energise 300,000 households annually.

Aside from the Taean project, CIP is developing approximately 5 gigawatts (GW) of offshore wind projects in Korea, including Jeonnam Offshore Wind 1, the country’s first commercial-scale offshore wind project, led by the private sector.

South Korea has significant potential for offshore wind and is one of the most promising markets in Asia Pacific, with a target of 14.3 GW installed capacity by 2030. The country has also pledged to achieve carbon neutrality by 2050.