POSCO Group has signed a memorandum of understanding with global offshore wind power company Ørsted to jointly develop a 1.4-gigawatt offshore wind project in Incheon, marking the largest offshore wind initiative of its kind in Korea. The partnership was announced on Friday by POSCO Group.

Partnership Scope and Cooperation Areas

Under the partnership agreement, POSCO will explore cooperation across multiple areas of the offshore wind project development. The collaboration includes supplying high-strength steel for substructures and towers, constructing onshore facilities, and providing engineering, procurement, construction, and installation (EPCI) services. The partnership also encompasses operations and maintenance responsibilities for the project.

The two companies will establish a joint working group to discuss detailed cooperation plans for the Incheon offshore wind project. This working group will coordinate the various aspects of their collaboration throughout the project's development and implementation phases.

Project Details and Timeline

Ørsted obtained a business license for the Incheon offshore wind project in 2023 and is currently conducting environmental assessments and designing the wind farm. The project will be constructed approximately 70 kilometers off the coast of Incheon. The Incheon project will consist of two separate wind farms with capacities of 800 megawatts and 600 megawatts, combining for a total capacity of 1.4 gigawatts. Once completed, the project is expected to become the largest offshore wind farm in Korea.

Additional Partnerships

Ørsted has also expanded its partnership network for the Incheon project by signing a memorandum of understanding with Korea South-East Power on Thursday for joint development of the project. This agreement was reached one day before the announcement of the POSCO partnership.

Leadership Statements

POSCO Holdings President Lee Ju-tae emphasized the company's commitment to the project and Korea's renewable energy sector. “POSCO Group will bring together its accumulated expertise and capabilities across the entire domestic offshore wind supply chain to enhance Korea's industrial competitiveness and contribute to the expansion of renewable energy,” Lee stated.

The partnership marks a significant step in Korea's offshore wind development, combining Ørsted's global expertise in offshore wind with POSCO's domestic industrial capabilities and supply chain presence. The collaboration spans the entire project lifecycle from construction materials and infrastructure development to long-term operations and maintenance services.

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