Taean Wind Power Secures Fixed-Price Offtake Contract to Develop Offshore Wind Project in Korea

The Taean Wind Power project, a fixed-bottom offshore wind project with a planned capacity of 500 MW, is targeting to commence construction in the second half of 2026, with commercial operations anticipated by late 2029. CIP, through its flagship fund Copenhagen Infrastructure V, acquired a 49% stake in Taean Wind Power in late 2024 and will develop the project jointly with Vena Energy.

Kwangjin Cheong, Representative Director of Taean Wind Power, expressed his commitment, stating: “Reaching this milestone emphasizes our dedication to delivering clean, sustainable energy to our local communities. We extend our gratitude to our stakeholders and partners, including the Government, Taean County, our supply chain collaborators, residents and fisheries for their invaluable support. Together, we are focused on ensuring the success of this project, fostering local engagement, and contributing meaningfully to Korea’s energy transition, engineering a greener future for generations.”

The Taean Offshore Wind Project is designed to deliver significant economic and environmental benefits, revitalizing the local economy, creating meaningful job opportunities, and enhancing the resilience of the local supply chain. Collaborating with key stakeholders including LS Cable & System, a globally renowned leader in cable technology from Korea, as the preferred cable supplier, Taean Wind Power unites industry leaders in offshore wind development, supply, construction, and operations. This collective expertise establishes a robust foundation to generate enough clean energy to power approximately 300,000 Korean households annually. The project represents a pivotal step toward increasing domestic and independent green energy production, contributing to Korea's national renewable energy goals.

Vena Energy’s technical capabilities are at the forefront of renewable energy innovation in the Asia-Pacific region, with expertise in the design, development, and execution of large-scale solar, wind, and battery storage projects. Leveraging in-depth regional knowledge and technical proficiency, Vena Energy ensures efficient and sustainable project development and delivery, while fostering strong collaboration with stakeholders, ensuring continuity and alignment with local market needs.

CIP has been a leading player in Korea’s offshore wind sector since entering the Korean market in 2018. CIP is currently developing approximately 5 GW of offshore wind projects in Korea, including Jeonnam Offshore Wind 1, the country’s first commercial-scale offshore wind project, led by the private sector. CIP’s extensive experience in managing the complex nature of risks in building large-scale offshore wind farms, as well as its strong collaboration with local supply chains, authorities, and communities, will contribute to successfully delivering Taean Wind Power.

Thomas Wibe Poulsen, Partner at CIP, said: “Taean represents an attractive opportunity to increase our offshore wind footprint in Korea. We look forward to completing this exciting project together with our new partners at Vena Energy who, with a strong track record of developing green energy solutions across the APAC region, is a great match for us. The participation in the Taean project will further strengthen and diversify CI V’s investment portfolio and support our ambition of securing attractive risk-adjusted returns for our investors.”

Simone Grasso, Chief Investment Officer of Vena Energy, highlighted the strength of this partnership: “Taean Wind Power represents a significant step forward in advancing Korea’s energy independence and decarbonisation goals, and we are proud to partner with CIP to bring this project to life. By combining our respective capabilities and expertise, we are paving the way for the successful delivery of this landmark project, contributing to Korea’s green energy transition. We look forward to collaborating with all stakeholders to position Korea as a global leader in the offshore wind sector and to deliver meaningful and lasting economic benefits for the country.”

South Korea has significant potential for offshore wind and is one of the most promising markets in Asia Pacific, with an ambitious target of 14.3GW installed capacity by 2030. The country has pledged to achieve carbon neutrality by 2050 which will require delivery of additional large-scale renewables including offshore wind projects.

Copenhagen Infrastructure Partners | www.cip.com

Vena Energy | www.venaenergy.com