Taean Wind Power Secures Offtake Contract in South Korea

Taean Wind Power, a joint venture between Copenhagen Infrastructure Partners (CIP) and Vena Energy, has recently announced the securing of a fixed-price offtake contract in South Korea. This development marks a significant milestone for the 500MW project, which is set to begin construction in the second half of 2026, with commercial operations expected by late 2029. Once operational, the wind farm is projected to generate enough clean energy to power around 300,000 Korean households annually.

Investment by Copenhagen Infrastructure Partners

In late 2024, CIP, through its flagship fund Copenhagen Infrastructure V, acquired a 49% stake in Taean Wind Power. This investment reflects CIP’s commitment to expanding its offshore wind footprint in South Korea and supporting the country’s transition to renewable energy sources.

South Korea’s Renewable Energy Goals

South Korea has set ambitious targets for its renewable energy sector, with a goal of achieving 14.3GW of installed offshore wind capacity by 2030. The country has also pledged to reach carbon neutrality by 2050, emphasizing the importance of transitioning to sustainable energy sources to combat climate change.

CIP’s Role in Korea’s Offshore Wind Sector

Copenhagen Infrastructure Partners has been actively involved in South Korea’s offshore wind sector since 2018. The company is currently developing approximately 5 GW of offshore wind projects in the country, including the Jeonnam Offshore Wind 1 project, which is the first commercial-scale offshore wind project led by the private sector in South Korea.

Thomas Wibe Poulsen, a partner at CIP, expressed enthusiasm about the Taean project, stating that it presents a valuable opportunity to expand the company’s presence in Korea’s offshore wind market. Poulsen highlighted the project’s potential to enhance CI V’s investment portfolio and deliver attractive risk-adjusted returns for investors.