Inho Cho
December 5, 2024
Recent Developments in South Korea’s Offshore Wind Deployment
As of now, South Korea has identified a total of 128 offshore wind farms, with 116 currently under development, representing a substantial capacity of 44 GW. However, only 10 OWFs are operational, contributing a commercial capacity of 124.5 MW. Notably, among these projects, 63 units have a capacity of 200 MW or higher, indicating an attractive project size to draw financial interest as well as a strong push towards larger-scale offshore wind energy production. This development status reflects South Korea’s commitment to expanding its renewable energy infrastructure.
Recent developments since the Minister-biz delegation to South Korea Offshore Wind have provided the clarity needed to move forward. In August 2024, South Korea’s Ministry of Trade, Industry, and Energy (MOTIE) unveiled a comprehensive roadmap aimed at achieving 18.3GW of onshore & offshore wind power by 2030, focusing on competitive bidding processes to enhance the country’s renewable energy capacity.
In light of these developments, South Korea’s offshore wind sector is poised for exciting growth, fuelled by a strong commitment to renewable energy. The government is enhancing regulatory frameworks to streamline project approvals and attract investment, aiming to significantly increase offshore wind capacity by 2030. Integral to the Offshore Wind Power Roadmap is the Power Purchase Agreement (PPA) framework, which enhances investment confidence, streamlines development processes, ensures market stability, supports local industries, and aligns with national renewable energy goals. This eventually positions South Korea as a competitive player in the global offshore wind market. To be aligned with the roadmap, offshore wind developers must proactively assess appropriate costs and associated risks by thoroughly evaluating all technical and commercial aspects. Our expert services are essential in this comprehensive evaluation process.
With over 30 years of expertise, Ramboll has contributed to the success of over 70% of the world’s offshore wind farms. In Korea, we are providing our expert services for Shinan-Ui Offshore Wind Farm and other potential projects competing in 2024 PPA auction.
To reiterate, Ramboll’s extensive global and local expertise in offshore wind energy positions us as a frontrunner in this key sector. Our expertise in engineering and design, environmental & social impact assessment, project management, and digital solutions allow us to help navigate complex regulatory landscapes, ensure efficient project execution, and optimise the maintenance and operation of offshore wind farms. Collaboration with global experts like Ramboll is crucial for knowledge transfer and local industry development, harnessing innovative solutions and driving sustainable growth in the region, paving the way for a greener future. This comprehensive support will enable South Korea to effectively capitalise on the opportunities presented by this ambitious offshore wind power roadmap.
- Announced capacity: 300MW for onshore wind, 1,000 MW for bottom-fixed offshore wind, and 500 MW for floating offshore wind
- Ceiling price: Onshore: 165.143 KRW/kWh for the mainland and 166.137 KRW/kWh for Jeju Island; Offshore: 176.565 KRW/kWh for the mainland and 177.559 KRW/kWh for Jeju Island (5% increase from last year)
- Two-stage evaluation with one based on non-price criteria initially to shortlist 120% to 150% and another based on pricing
- Winning bidder awarded with a 20-year fixed price
Want to know more?
Inho Cho
Country Director - Wind, South Korea
+82 10-4120-2362
