Vena Energy and Copenhagen Infrastructure Partners’ (CIP) joint project Taean Wind has been awarded an offtake contract in the 2024 Wind Power Fixed-Price Contract Auction which was arranged by the Korea Energy Agency (KEA). This is an offshore wind project and has a planned capacity of 500 MW.
Furthermore, this is a fixed-bottom offshore wind project and is expected to begin construction in the second half of 2026. The commercial operations for the project are expected to commence by late 2029. CIP acquired a 49 per cent stake in the project through its flagship fund Copenhagen Infrastructure V in late 2024.
South Korea has significant potential for offshore wind development. It is emerging as a promising market in Asia Pacific for offshore wind development. It has set a target to achieve carbon neutrality by 2050, and offshore wind projects are expected to play a key role in achieving this goal with plans to install 14.3 GW capacity by 2030.
REGlobal’s Views: Both Vena Energy and CIP are expanding their presence in the Asia-Pacific region. Vena Energy has significant regional knowledge and expertise in development of large-scale solar, wind, and battery storage projects. Meanwhile, CIP is already developing 5 GW of offshore wind projects in Korea and has been present in the country’s offshore wind space since 2018.
