Copenhagen Infrastructure Partners (CIP) and partner SK E&S aim to start up what is expected to be South Korea’s first commercial-scale offshore wind farm by the end of 2024, the companies announced Oct. 11, having reached a final investment decision on the project.

Located off of Shinan County in South Korea’s Jeonnam Province, the 99-megawatt (MW) Jeonnam 1 ,the joint venture company comprised of CIP and SK, wind farm secured a 20-year, fixed-price offtake agreement with Korea Hydro & Nuclear Power through Korea’s first wind offtake auction.

“Jeonnam 1 is expected to provide green electricity equivalent to approximately 60,000 households in Korea,” Daniel Yun, CEO of the Jeonnam 1, said in a news release.

South Korea is among the countries that have established offshore wind capacity goals in an effort to reduce greenhouse gas emissions and slow global warming. The country is targeting 14 gigawatts of offshore wind by 2030.

Jeonnam 1 is the first of three offshore wind farms being jointly developed by CIP and SK. Currently in the development phase, the Jeonnam 2 and Jeonnam 3 projects have a combined capacity of 800 MW, according to the release.

“Korea has a vast potential for offshore wind and CIP has, since entering the Korean market in 2018, invested significantly in developing the country’s wind power projects in multi-gigawatts scale and its supply networks and foster a strong industry ecosystem,” Torsten Lodberg Smed, senior partner at CIP, said in the release. “We are proud to have reached financial close and entering the construction phase on Jeonnam 1, and we look forward to completing this landmark project together with our partners.”

Offshore