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Ørsted has signed a Memorandum of Understanding (MoU) with South Korea’s steelmaking giant POSCO Group to explore a partnership on the 1.4 GW Incheon offshore wind project.
Under the agreement, POSCO Group will explore supplying high-strength steel for offshore wind foundations and towers while collaborating on engineering, procurement, construction, and installation (EPCI), including both onshore and offshore infrastructure.
The partnership also includes potential equity participation, project development, and offshore wind farm operations and maintenance (O&M) opportunities.
“POSCO’s capabilities in steel, engineering, and industrial development, combined with Ørsted’s deep expertise as a global leader in offshore wind, create a strong platform to ensure the success of the Incheon project. Together, we aim to identify synergies that can accelerate progress, advance Korea’s offshore wind industry, and contribute to the nation’s energy transition,” said Per Mejnert Kristensen , CEO of Region APAC at Ørsted.
Since Ørsted was granted a 1.6 GW Electricity Business License (EBL) in November 2023, the license size was adjusted to 1.4 GW in March 2025, following local stakeholder engagement during the review process.
The developer reached several milestones, including the completion of site investigations for the Environmental Impact Assessment (EIA), and is now advancing the EIA process and wind farm design accordingly.
In 2024, Ørsted also signed an MoU with Incheon Metropolitan City to cooperate on developing an offshore wind power industry in the region.