Copenhagen Infrastructure Partners (CIP) and Vena Energy have confirmed that their joint project, Taean Wind Power, has secured an offtake contract through South Korea’s 2024 Wind Power Fixed-Price Contract Auction.
The Taean offshore wind farm will have an installed capacity of 500 megawatts (MW). Construction is scheduled to begin in the second half of 2026, with commercial operations expected by late 2029. The project is designed to generate electricity for 300,000 households annually once it becomes operational.
In addition to Taean, CIP is developing several other offshore wind projects in South Korea, totaling around 5 gigawatts (GW). This includes the Jeonnam Offshore Wind 1 project, the first privately led commercial-scale offshore wind initiative in the country.
South Korea is aiming to scale up its renewable energy generation with a particular focus on offshore wind. The government has set a goal of reaching 14.3 GW of installed offshore wind capacity by 2030. This expansion is part of its broader commitment to achieving carbon neutrality by 2050.
Beyond the Taean and Jeonnam projects, South Korea is advancing other renewable energy initiatives. These include the Shinan Offshore Wind Farm, which aims to add 8.2 GW of capacity and is one of the largest planned offshore wind projects in the world. Another key project is the Ulsan Floating Offshore Wind Farm, with a planned capacity of 1.5 GW. The Ulsan project is notable for utilizing floating wind turbine technology to harness wind energy in deeper waters.
Offshore wind energy plays a growing role in South Korea’s energy transition. With abundant wind resources and a strong focus on reducing carbon emissions, the country is positioning itself as a leading player in the Asia-Pacific offshore wind market.
