South Korean offshore wind farm secures offtake deal

Taean Wind Power, a joint venture between Copenhagen Infrastructure Partners (CIP) and Vena Energy, has secured a fixed-price offtake contract in South Korea.

The 500MW project is targeting the start of construction in the second half of 2026, with commercial operations expected by late 2029. The project will generate enough clean energy to power approximately 300,000 Korean households annually.

CIP, through its flagship fund Copenhagen Infrastructure V, acquired a 49% stake in Taean Wind Power in late 2024.

South Korea has significant potential for offshore wind and is one of the most promising markets in the Asia Pacific, with an ambitious target of 14.3GW of installed capacity by 2030. The country has pledged to achieve carbon neutrality by 2050.

“Taean represents an attractive opportunity to increase our offshore wind footprint in Korea. The participation in the Taean project will further strengthen and diversify CI V’s investment portfolio and support our ambition of securing attractive risk-adjusted returns for our investors,” said Thomas Wibe Poulsen, partner at CIP.

CIP has been a leading player in Korea’s offshore wind sector since entering the Korean market in 2018. The company is currently developing approximately 5 GW of offshore wind projects in Korea, including Jeonnam Offshore Wind 1, the country’s first commercial-scale offshore wind project, led by the private sector.