(Credit: Canva Pro)Copenhagen Infrastructure Partners (CIP) is investing of $350 million in Korean offshore wind projects. This significant commitment will support the development and construction of gigawatt-scale offshore wind projects in the country, contributing to Korea's ambitious goal of achieving 14.3 gigawatts GW of offshore wind power by 2030.
With a focus on both fixed bottom and floating offshore wind installations, these projects will play a crucial role in Korea's journey toward carbon neutrality by 2050.
CIP's Flagship Funds will be the driving force behind these investments, channeled toward the development of offshore wind projects in Korea. Since 2018, CIP has been actively involved in the Korean offshore wind market and has secured the electricity business license for its projects. The specific areas targeted for development include the Jeonnam Province, encompassing Shinan County, Yeonggwang County, and the Ulsan region.
By investing in the Korean offshore wind sector, CIP aims to support the country's ambitious renewable energy targets and contribute to the country's green transition. With a current installed capacity of only 100 megawatts, the goal of reaching 14.3 GW by 2030 represents a substantial increase.
Jacob Baruël Poulsen, Managing Partner at CIP, expressed pride in the investment plans to President Yoon Suk-Yeol, emphasizing CIP's commitment to the Korean offshore market. Since entering the Korean market in 2018, CIP has diligently worked with local companies, authorities, and communities to foster the growth of the offshore wind industry and develop wind power supply networks.
This investment of $350 million demonstrates CIP's dedication to the local and international green energy transitions and will significantly contribute to the expansion of GW-scale offshore wind projects in Korea.
Copenhagen Offshore Partners (COP), the exclusive offshore wind development partner to CIP, will spearhead the development of the offshore wind portfolio in Korea. The investment will support the advancement of projects such as the 99 MW Jeonnam 1 project.
COP has established a team of approximately 70 experts, including both expatriates and local offshore wind professionals, to drive the growth of the offshore wind market in Korea. This investment will further enhance knowledge sharing with local partners and contribute to the development of local content.
CIP's entry into the Korean market in 2018 has already resulted in significant investments and the introduction of innovative technologies.
Looking ahead, CIP's Energy Transition Fund, the largest clean hydrogen fund globally, aims to explore cooperation opportunities and develop its Power-to-X business in Korea. Additionally, CIP is considering expanding its energy island concept to Korea, further strengthening its commitment to the country's energy transition.
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