On behalf of Copenhagen Infrastructure Partners (CIP), Managing Partner Jacob Baruël Poulsen on June 21, 2023, signed an Investment Notification Form in the presence of the Republic of Korea's President Yoon Suk-Yeol committing to investments of USD 350 million into offshore wind projects in Korea.
The investments from CIP’s Flagship funds will support the development and construction of GW-scale offshore wind projects in Korea, where CIP since 2018 has been developing offshore wind projects and secured Electricity Business License for those projects. The projects include both fixed bottom and floating offshore wind and are located in the Jeonnam Province, including Shinan County, Yeonggwang County, and the Ulsan region.
The projects which are developed by Copenhagen Offshore Partners (COP), the exclusive offshore wind development partner to CIP, will support Korea’s ambitious target of reaching 14,3GW of offshore wind power by 2030, a significant increase compared to the existing 0,1GW installed today. Korea has vast potential for offshore wind and has pledged to achieve carbon neutrality by 2050 which will require delivery of additional large-scale renewables including offshore wind projects.
Jacob Baruël Poulsen, Managing Partner at CIP, commented: 'I am proud to have announced before President Yoon Suk-Yeol our plan and commitment to significant invest in the strong offshore market and industry in Korea on behalf of CIP’s Flagship Funds. We have, since entering the Korean market in 2018, worked diligently with local companies, authorities, and communities to develop wind power supply networks and foster an even stronger industry ecosystem. And we look forward to accentuating these efforts by investing 350 million US dollars to develop GW-scale offshore wind projects in Korea which will make a meaningful contribution to both the local and global green transition.'
David Taesung Yoo, Co-CEO of COP Korea, said: 'The investment of 350 million US dollars will go to development of our offshore wind portfolio in Korea including the advanced 99MW Jeonnam 1 project. We have grown our team to about 70 people based in Korea including expatriates and local offshore wind experts and this investment will allow us to continue growing the team and sharing of know-how with local partners and further the local content contribution. By materializing our GW-scale project we hope to create momentum in the Korean offshore wind market.'
CIP entered Korea in 2018 and has since invested significantly and introduced innovative technologies to the market. CIP’s Energy Transition Fund - the largest dedicated clean hydrogen fund globally – is exploring opportunities for cooperation and development of its Power-to-X business and CIP is also looking to expand its concept of energy island to Korea.
Source: CIP
