Ørsted has obtained a 1.6 GW Electricity Business License from the Ministry of Trade, Industry, and Energy of the Republic of Korea, marking a significant milestone for the company's offshore wind ambitions in the region. The license provides Ørsted with exclusive development rights for a gigawatt-scale offshore wind project situated 70 kilometers off the coast of Incheon City, Korea.

The offshore wind project has the potential to play a pivotal role in supporting Incheon City's net-zero target. With a capacity to provide renewable energy to over a million households, the project aims to reduce carbon emissions by approximately 4 million tonnes annually. This aligns with Korea's broader goal of achieving carbon neutrality by 2050.

Per Mejnert Kristensen, President of Ørsted Asia Pacific, expressed satisfaction at securing the company's first Electricity Business License in Korea. He emphasized Ørsted's commitment to accelerating Korea's green energy transition and supporting Incheon's aspirations to become a hub for renewable power. Ørsted's extensive experience in delivering large-scale offshore wind projects globally and its successful collaborations with Korean suppliers over the past decade position the company as a key player in advancing Korea's offshore wind industry.

The next steps in the project's development include environmental impact assessments, site investigations, and preparations for participating in Korea's annual fixed-price wind auction. Pending successful outcomes from these processes and Ørsted's final investment decision, the offshore wind project is expected to be completed in the early 2030s.

This approval reflects Ørsted's continued efforts to contribute to the global transition toward sustainable and renewable energy sources.