The Danish energy group Ørsted has signed two Memorandums of Understanding (MoUs) to support the development of its 1.4 GW Incheon offshore wind project, located approximately 70 km off the coast of Incheon, South Korea.
The first MoU was signed with Korea South-East Power (KOEN) to explore potential collaboration on the project’s development. Discussions will include KOEN’s possible involvement in areas such as project planning and investment.
Ørsted has also signed a separate MoU with POSCO Group, South Korea’s leading steelmaker. Under this agreement, the two companies will explore cooperation in multiple areas including the supply of high-strength steel for offshore foundations and towers, engineering and construction services, and potential equity participation. The partnership may also extend to project development, as well as offshore wind park operations and maintenance.
The Incheon project, which was originally granted a 1.6 GW Electricity Business License (EBL) in November 2023, was adjusted to 1.4 GW in March 2025 following stakeholder consultations. Ørsted has already completed site investigations as part of the Environmental Impact Assessment (EIA) and is now progressing with the EIA process and final design work. Subject to final investment decision, the Incheon project is expected to become one of the largest offshore wind parks in South Korea.