South Korea has officially launched a long-anticipated renewable energy tender, which includes about 1.25 GW of offshore wind capacity, the Ministry of Trade, Industry, and Energy announced.
The offshore wind auction, set for the first half of 2025, will maintain the ceiling bid price from last year at 176,565 KRW per megawatt-hour (MWh), equivalent to about €113. The tender will primarily target fixed-bottom offshore wind projects.
For the first time, 500 MW will be reserved for public-led bidding, a move aimed at encouraging broader participation and transparency in the sector.
The ministry said competitive bidding rounds will now be held twice annually, signalling a shift toward a more structured and frequent auction schedule as the country ramps up its renewable energy goals.
South Korea’s target is to have 14.3 GW of offshore wind capacity by 2030 as part of a broader plan to increase renewable energy’s share of the electricity mix. In the previous year, 1.9 GW of offshore wind capacity was awarded across four major projects.