Copenhagen Infrastructure Partners (CIP) plans to invest $350 million in developing a “gigawatt-scale” portfolio of offshore wind projects in South Korea.
The Danish investor has secured electricity business licences for the projects in the portfolio, giving it exclusivity on the leases for the wind farms. Such licences are also needed to generate and supply electricity in South Korea, Thomson Reuters Practical Law advised.
CIP’s projects are due to feature fixed-bottom foundations and floating platforms, and are planned for sites off the coast of Jeonnam province and off Ulsan city.
South Korea aims to have 14.3GW of offshore wind capacity by 2030.
Developers including BP, Northland Power, and Corio and TotalEnergies are all planning to build offshore wind farms in South Korea.
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