Ocean Winds has secured a crucial permit for its 1,125 MW Hanbando offshore wind project, marking a significant step in the development of renewable energy in South Korea. The Electricity Business License (EBL) was granted after a review by the Electricity Regulatory Commission under the Ministry of Trade, Industry, and Energy (MOTIE).
With the EBL now in hand, Ocean Winds plans to proceed with an Environmental Impact Assessment (EIA) and other required permits. Additionally, site investigations and major engineering studies will be launched to move the project forward.
The EBL provides Ocean Winds with exclusive development rights for the designated sea area and reserves interconnection capacity, critical for the project's success.
The Hanbando Offshore Wind project will be located approximately 120 km from the coast of Incheon city. Once operational, it is expected to generate enough electricity to power approximately one million households annually.
Ocean Winds has expressed its commitment to supporting South Korea's renewable energy goals. The project aligns with the country's target to achieve 125.9 GW of renewable energy capacity by 2038, as outlined in the Korea's 11th Electricity Supply and Demand Plan. Furthermore, Ocean Winds aims to contribute to Incheon Metropolitan City's goal of developing 6.2 GW of offshore wind power capacity by 2030.
Guzman Figar, Ocean Winds' Country Manager for South Korea, noted, “We are seeing substantial progress for offshore wind in South Korea in the last weeks, with the publication of the 11th Energy Basic Plan which increases the long-term renewable energy targets for the country, and with the approval of the Special Act on Offshore Wind. At OW, we believe that our Hanbando project, which connects directly to the Seoul-Incheon metropolitan area, one of the largest load centres in the world, will play a key role in supporting South Korea achieve these objectives.
The Hanbando project is expected to play a vital role in the country's energy transition as it works to meet its ambitious renewable energy targets.
