Ørsted has changed its strategic approach, where the company has been cautious and selective in the countries they are developing projects in. Over the last couple of weeks, we have seen Ørsted pulling out of countries like Norway and Vietnam but standing firm in South Korea.
Recently, Ørsted’s Electricity Business License (EBL) application was approved for its Incheon offshore wind project in South Korea. For an offshore wind project in South Korea to obtain its EBL is a significant step toward making an offshore wind farm operational, and Ørsted has been working for some time to get this approval. The project they are planning to develop is located on the northwest side of the Korean peninsula off the coast of Incheon, and the total capacity is expected to be at least 1.2 GW. The project is expected to be fixed as the area is well-suited for fixed projects. South Korea is definitely on the right track for offshore wind, as there has been an increase in offshore wind activity in the country lately.
image credit: Ørsted
