South Korea is setting its sights on a significant expansion of its offshore wind power capacity, with plans to attract investments totaling up to 100 trillion won by 2030. According to the Ministry of Trade, Industry and Energy, the government aims to deploy offshore wind power facilities with a total capacity of 14.3 gigawatts (GW) domestically by 2030, as outlined in the 10th Basic Plan for Electricity Supply and Demand.
Currently, South Korea has three small commercial operational offshore wind power sites, generating a combined capacity of 124.5 megawatts (MW). However, to meet its ambitious targets, the country must significantly scale up its infrastructure in the sector.
Assuming construction costs of 7 trillion won per 1 GW, the government estimates that private investment will primarily drive the expansion, requiring approximately 100 trillion won to achieve the 14.3 GW target by 2030.
With 83 approved sites for development, totaling 27 GW in capacity, South Korea is positioning itself for substantial growth in offshore wind power. In a significant development, Danish company Ørsted secured rights to develop the largest offshore wind power project in the country, with a capacity of 1.6 GW, located off the coast of Incheon in the West Sea. Ørsted plans to invest 8 trillion won to construct offshore wind power facilities by 2030, pending licensing procedures.
The government’s push for offshore wind power aligns with its broader commitment to transition to carbon neutrality, aiming to increase the proportion of renewable energy supply to 21.6 percent by 2030 and 30.6 percent by 2036, up from the current level of less than 10 percent. This strategy involves progressively enhancing overall renewable energy capacity, with offshore wind power set to play a significant role, contributing around one-third of the expanded renewable energy capacity targeted at approximately 40 GW by 2030.