Denmark’s Copenhagen Infrastructure Partners (CIP) and Singapore-headquartered Vena Energy have announced that their joint Korean offshore wind project, Taean Wind Power, has been awarded an offtake contract in the 2024 Wind Power Fixed-Price Contract Auction arranged by the Korea Energy Agency (KEA).
The Taean Wind Power project is a fixed-bottom offshore wind project with a planned capacity of 500 MW, estimated to generate enough clean energy to power approximately 300,000 Korean households annually.
Construction is expected to begin in the second half of 2026, with commercial operations anticipated by late 2029.
The fund manager CIP, which acquired a 49% stake in Taean Wind Power in late 2024 through its flagship fund, Copenhagen Infrastructure V, will develop the project alongside Vena Energy.
Thomas Wibe Poulsen, partner at CIP, said: “Taean represents an attractive opportunity to increase our offshore wind footprint in Korea.”
CIP, active in Korea’s offshore wind sector since entering the Korean market in 2018, is currently developing approximately 5 GW of offshore wind projects in the region, including Jeonnam Offshore Wind 1.
South Korea has significant potential for offshore wind and is one of the most promising markets in Asia Pacific, CIP said, “with an ambitious target of 14.3GW installed capacity by 2030.”
