The project is expected to generate enough clean energy to power 300,000 Korean households annually. Credit: fokke baarssen/Shutterstock.

Taean Wind Power has secured a fixed-price offtake contract to develop a 500MW offshore wind project in Korea.

The project development marks a significant step in advancing Korea’s domestic and independent green energy production, aiding the country in achieving its national renewable energy objectives.

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Copenhagen Infrastructure Partners (CIP), through its flagship fund Copenhagen Infrastructure V, bought a 49% stake in Taean Wind Power in late 2024. CIP will collaborate with Vena Energy to jointly develop the project.

Construction on the project is set to begin in the second half of 2026. The wind project is expected to commence commercial operations by late 2029.

Vena Energy chief investment officer Simone Grasso stated: “Taean Wind Power represents a significant step forward in advancing Korea’s energy independence and decarbonisation goals, and we are proud to partner with CIP to bring this project to life.

“By combining our respective capabilities and expertise, we are paving the way for the successful delivery of this landmark project, contributing to Korea’s green energy transition.”

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The Taean offshore wind project is a fixed-bottom power generation project that will deliver substantial economic and environmental benefits, revitalising the local economy and creating job opportunities.

The project will generate enough clean energy to power 300,000 Korean households annually.

It will be implemented with support from key stakeholders such as LS Cable & System which will supply cables for the project.

Taean Wind Power representative director Kwangjin Cheong stated: “Reaching this milestone emphasises our dedication to delivering clean, sustainable energy to our local communities.

“We extend our gratitude to our stakeholders and partners, including the government, Taean County, our supply chain collaborators, residents and fisheries for their invaluable support.

Together, we are focused on ensuring the success of this project, fostering local engagement, and contributing meaningfully to Korea’s energy transition, engineering a greener future for generations.”

CIP currently has 5GW of pipeline 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 is considered a promising offshore wind market in the Asia Pacific region, with a goal of 14.3GW of installed capacity by 2030. The country plans to achieve carbon neutrality by 2050, which will require the development of renewable energy projects including offshore wind farms.