Ørsted puts 1.4GW South Korean offshore wind project on hold
Splash247|Bojan Lepic|Aug 27, 2026
Danish company Ørsted has paused its 1.4GW offshore wind project near Incheon, South Korea, due to it not meeting their investment criteria. The project, which was set to be South Korea's largest by a single developer, will undergo a redesign to improve its economic feasibility. Ørsted plans to participate in future bidding rounds after this adjustment, amidst South Korea's push to lower offshore wind power costs significantly by 2035.
Danish company Ørsted has paused its 1.4GW offshore wind project near Incheon, South Korea, due to it not meeting their investment criteria. The project, which was set to be South Korea's largest by a single developer, will undergo a redesign to improve its economic feasibility. Ørsted plans to participate in future bidding rounds after this adjustment, amidst South Korea's push to lower offshore wind power costs significantly by 2035.
Danish offshore wind developer Ørsted has suspended its bid for what would have been South Korea’s largest offshore wind project off the coast of Incheon.
According to media sources, Ørsted has decided to temporarily shelve its 1.4GW offshore wind project planned for waters off Incheon, not participate in the South Korean government’s upcoming fixed-price contract competitive bidding for offshore wind, and undertake a comprehensive review of the project.
Ørsted said in an internal notice that it plans to restructure across its global organisation, including its South Korean subsidiary and that the project does not meet the company’s “internal investment criteria”.
The Incheon project was supposed to consist of two phases, 800MW and 600MW, …
... more [truncated due to possible copyright]Danish offshore wind developer Ørsted has suspended its bid for what would have been South Korea’s largest offshore wind project off the coast of Incheon.
According to media sources, Ørsted has decided to temporarily shelve its 1.4GW offshore wind project planned for waters off Incheon, not participate in the South Korean government’s upcoming fixed-price contract competitive bidding for offshore wind, and undertake a comprehensive review of the project.
Ørsted said in an internal notice that it plans to restructure across its global organisation, including its South Korean subsidiary and that the project does not meet the company’s “internal investment criteria”.
The Incheon project was supposed to consist of two phases, 800MW and 600MW, and should have been the largest offshore wind development undertaken by a single private developer in South Korea. However, Ørsted intends to pursue future bidding rounds after redesigning the project to restore economic viability.
The Korean government is looking to reduce offshore wind power prices to 250 won per kWh by 2030 and below 150 won by 2035. Such a move will make the country’s offshore wind projects even less attractive.
The South Korean Ministry of Trade, Industry, and Energy announced earlier this week that it would expand renewable energy capacity to 220GW by 2040, including 45GW from offshore wind.