Recently, Copenhagen Infrastructure Partners (CIP) signed an investment notice committing to invest $350 million in offshore wind projects in South Korea.
The investment from CIP’s flagship fund will support the development and construction of gigawatt offshore wind projects in South Korea, including the 99 MW Jeonnam 1 project. The company has been developing offshore wind projects in South Korea since 2018 and has been granted an Electricity Business License (EBL).
CIP has developed solid-pile and floating wind projects in the Shinan, Yeonggwang and Ulsan regions of South Jeolla Province, South Korea. The projects are being developed by Copenhagen Offshore Partners (COP), which is CIP’s exclusive offshore wind development partner.
CIP also said its Energy Transition Fund (ETF) is looking for opportunities to partner and develop Power-to-X business in South Korea and hopes to expand its Energy Island concept to the country.
Several years ago, CIP established a partnership with Korean energy company SK E&S to build and maintain floating wind farms in Korea. 2022 saw CIP and POSCO Energy sign a memorandum of understanding aimed at jointly developing offshore wind projects and the offshore wind supply chain, as well as developing a green hydrogen energy business.
South Korea aims to achieve 14.3 GW of offshore wind power by 2030 and is committed to becoming carbon neutral by 2050.
