Taean Wind Power, a joint venture between Copenhagen Infrastructure Partners (CIP) and Vena Energy, has secured a fixed-price offtake agreement for its 500-megawatt (MW) offshore wind project in South Korea. The project, set to commence construction in the second half of 2026, aims to begin commercial operations by late 2029.
Kwangjin Cheong, Representative Director of Taean Wind Power, expressed gratitude for the support the project has received, saying, “We extend our gratitude to our stakeholders and partners, including the Government, Taean County, our supply chain collaborators, residents and fisheries for their invaluable support. Together, we are focused on ensuring the success of this project, fostering local engagement, and contributing meaningfully to Korea's energy transition, engineering a greener future for generations.”
As part of the project's development, Taean Wind Power has selected LS Cable and System as its preferred cable supplier.
CIP, which has a significant portfolio of offshore wind projects in South Korea, including the recently completed turbine installation at the 96MW Jeonnam Offshore Wind 1 farm, emphasized the importance of its partnership with Vena Energy. Thomas Wibe Poulsen, Partner at CIP, said, “We look forward to completing this exciting project together with our new partners at Vena Energy who, with a strong track record of developing green energy solutions across the APAC region, is a great match for us.”
Vena Energy's Chief Investment Officer, Simone Grasso, highlighted the project's role in supporting South Korea's energy goals. “Taean Wind Power represents a significant step forward in advancing Korea's energy independence and decarbonisation goals, and we are proud to partner with CIP to bring this project to life. We look forward to collaborating with all stakeholders to position Korea as a global leader in the offshore wind sector and to deliver meaningful and lasting economic benefits for the country.”
In late 2024, CIP acquired a 49% stake in Taean Wind Power through its flagship fund, Copenhagen Infrastructure V.
