CIP Pledges $350 Million for South Korea’s Offshore Wind Expansion

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Copenhagen Infrastructure Partners (CIP) signed an Investment Notification Form in the presence of the Republic of Korea’s President Yoon Suk-Yeol, committing to inject $350 million into offshore wind projects in South Korea. Through their funds, CIP aims to facilitate developing and constructing gigawatt-scale offshore wind projects in the country.

These projects are situated in the Jeonnam Province, including Shinan County, Yeonggwang County, and the Ulsan region, and encompass both fixed-bottom and floating offshore wind technologies. Spearheaded by Copenhagen Offshore Partners (COP), the exclusive offshore wind development partner of CIP, these initiatives hold tremendous potential for South Korea.

South Korea is setting its sights on achieving 14.3 GW of offshore wind power by 2030, a substantial leap from the current installed capacity of 0.1 GW. These projects will play a pivotal role in realizing the nation’s ambitious target. The East Asian nation’s dedication to carbon neutrality by 2050 further underscores the immense value of its offshore wind potential. With low solar potential, it sees wind energy, among other options like tidal energy, as a major area for development.

Managing Partner at CIP Jacob Baruël Poulsen, who signed the Notification Form on behalf of CIP, commented, “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 to develop GW-scale offshore wind projects in Korea which will make a meaningful contribution to both the local and global green transition.”

CIP entered Korea in 2018. Its Energy Transition Fund – a dedicated clean hydrogen fund – is exploring opportunities for cooperation and development of its Power-to-X business. Furthermore, CIP is also looking to expand its concept of energy island to Korea.

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