South Korea’s POSCO Group and Danish energy company Ørsted have signed a memorandum of understanding (MoU) to collaborate on the development of the 1.4 gigawatt (GW) Incheon offshore wind farm, the companies said on Thursday.
The agreement, signed at the POSCO Center in Seoul, outlines joint efforts across the wind project’s supply chain — including steel supply, construction, offshore installation, and long-term operations and maintenance.
The Incheon offshore wind farm, located off the west coast of Korea, received a generation license in 2023. POSCO and Ørsted will now establish a joint working group to develop the project and accelerate its delivery.
POSCO said the partnership aims to bolster Korea’s offshore wind capabilities while contributing to the national renewable energy supply. “We will consolidate our expertise across the domestic supply chain to enhance the sector’s growth,” said Lee Ju-tae, CEO of POSCO Holdings.
Per Mejnert Kristensen, President of Ørsted Asia Pacific, said the collaboration is expected to “maximise synergies by combining POSCO’s technology with Ørsted’s global offshore wind experience.”
The Incheon project is positioned to become a key component of South Korea’s energy transition strategy. POSCO has also outlined broader decarbonisation plans, including investments in hydrogen-based steelmaking and expansion into low-carbon power generation.
The companies did not disclose a timeline for construction or the expected date of completion.
