Copenhagen Infrastructure Partners (CIP), a Danish fund manager dedicated to greenfield renewable energy assets, has committed to investments of US$350 million into offshore wind projects in Korea.
The investments from CIP’s Flagship funds will support the development and construction of GW-scale offshore wind projects in Korea, where CIP since 2018 has been developing offshore wind projects and secured an Electricity Business License for those projects.
The projects include both fixed bottom and floating offshore wind and are located in the Jeonnam Province, including Shinan County, Yeonggwang County, and the Ulsan region.
The projects which are developed by Copenhagen Offshore Partners (COP), the exclusive offshore wind development partner to CIP, will support Korea’s ambitious target of reaching 14,3GW of offshore wind power by 2030, a significant increase compared to the existing 0,1GW installed today.
South Korea, which has vast potential for offshore wind and has pledged to achieve carbon neutrality by 2050 which will require delivery of additional large-scale renewables including offshore wind projects.
CIP entered South Korea in 2018 and has since invested significantly and introduced innovative technologies to the market. CIP’s Energy Transition Fund – the largest dedicated clean hydrogen fund globally – is exploring opportunities for cooperation and development of its Power-to-X business and CIP is also looking to expand its concept of energy island to South Korea.
Jacob Baruël Poulsen, Managing Partner at CIP, commented: “We have, since entering the Korean market in 2018, worked diligently with local companies, authorities, and communities to develop wind power supply networks and foster an even stronger industry ecosystem. And we look forward to accentuating these efforts by investing 350 million US dollars to develop GW-scale offshore wind projects in Korea which will make a meaningful contribution to both the local and global green transition.”