South Korean farm website seals power supply contracts for 500 MW energy output
The Taean Wind Power project, a significant offshore wind energy initiative located on the coast of the Taean Peninsula in South Korea, has secured a long-term power offtake agreement. This announcement was made by the project developers, Copenhagen Infrastructure Partners (CIP) and Vena Energy, through their official social media channels.
The offtake contract was awarded by the Korea Energy Agency (KEA) in the 2024 wind power fixed-price contract auction. The 500 MW Taean Wind Power project is expected to commence construction in the fourth quarter of 2026, with commercial operations starting in the fourth quarter of 2029.
CIP acquired a 49% stake in Taean Wind Power through its fund Copenhagen Infrastructure V in late 2024, while Vena Energy holds the remaining 51%. This marks the first joint venture between the two companies in South Korea's wind energy sector.
Although the partners have not disclosed the identities of the companies with which they have signed Power Purchase Agreements (PPAs), it is expected that more information will be revealed as the project progresses.
South Korea has been investing heavily in renewable energy, particularly offshore wind power, to meet its climate goals and reduce dependence on fossil fuels. Offtake agreements with energy suppliers, industries, or government bodies are typically secured to ensure the long-term sale of the power generated by these large-scale projects.
To stay updated on the latest developments, it is recommended to follow the official press releases of the involved companies, including project developers, energy conglomerates, and Korean government entities. Consulting specialist media and news portals in the renewable energy sector, as well as attending investor briefings and reviewing stock exchange announcements, can also provide valuable insights.
Potential actors in the Korean offshore wind sector include KEPCO (Korea Electric Power Corporation), Hanwha Solutions, GS E&C, Doosan Enerbility, and international partners such as Ørsted, Equinor, RWE, and other global wind energy companies participating in Korean projects. However, final confirmations of offtake agreements can only be obtained from the involved parties or official sources.
As of September 2025, no publicly known information is available regarding the companies that will sign offtake contracts for the Taean Wind Power project on September 2, 2026. This is due to the fact that my knowledge base only extends up to December 2023, and I cannot confirm future events with certainty beyond that date.
