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The 96 MW Jeonnam 1 offshore wind project, owned by a joint venture between Copenhagen Infrastructure Partners (CIP) and SK Innovation E&S, has officially commenced commercial operation in South Korea. Copenhagen Offshore Partners, exclusive offshore wind development partner to CIP, has co-led project development activities for Jeonnam 1 on behalf of the project’s owners. Jeonnam Offshore Wind Power was founded in 2020 as a 51-49 joint venture between SK E&S and CIP. In 2022, Jeonnam 1 was awarded a 20-year fixed-price offtake agreement with Korea Hydro & Nuclear Power through South Korea’s first wind offtake auction. Located nine kilometres from Jaeundo in Shinan County, Jeonnam Province, Jeonnam 1 is the largest privately-led offshore wind project in South Korea, with a capacity of 96 MW, according to COP. “Significantly, this project marks the first large-scale offshore wind project in Korea led by the private sector, and it adopted a non-recourse project financing model, where funding was raised based on the project’s creditworthiness without additional guarantees. It is also recognized as a successful example of effective public-private cooperation, having navigated and resolved numerous regulatory hurdles from construction to commercial operation,” said COP. Installation of the 10 Siemens Gamesa SG 10.0-193 DD turbines was completed in December 2024, followed by commissioning earlier this year, and the project is now in commercial operation. |
