Taean Wind Power, a joint venture between Vena Energy and Copenhagen Infrastructure Partners (CIP), has signed two power purchase agreements (PPAs). The PPAs cover 300 MW with Korea West Power and 200 MW with Gangneung Eco Power and total 500 MW. These contracts secure long-term offtake for electricity generated by the Taean offshore wind project.
The Taean offshore wind project is currently under development at Manipo site, and has a total planned capacity of 500 MW. Construction is expected to begin in the second half of 2026, and commercial operations are targeted for 2029. Copenhagen Offshore Partners (COP) is co-leading project development on behalf of the project owners and is the offshore wind development partner to CIP. It is expected to deliver renewable electricity sufficient to power around 300,000 households annually.
COP develops, constructs, and operates offshore wind projects. The company has a development portfolio of more than 50 GW offshore wind projects. The Taean project forms part of COP’s and CIP’s development pipeline of about 5 GW of offshore wind projects in Korea. This portfolio includes projects in Shinan, Ulsan, and Taean, covering Jeonnam 1, 2, and 3, Haesong 1 and 3, and Haegeum 1 and 2.
REGlobal’s Views: South Korea plans to expand its offshore wind capacity to 14.3 GW of offshore wind capacity by 2030. The country is augmenting existing ports and constructing new ones specifically tailored for offshore wind operations to promote offshore wind development. It has also introduced various policy interventions to encourage this including tax breaks and free economic zones.