February 7, 2025 – Copenhagen, Denmark & Seoul, Korea
Copenhagen Offshore Partners (COP), a global leader in offshore wind development and construction, is proud to announce the successful award of an offtake contract for Taean Wind Power in the 2024 Wind Power Fixed-Price Contract Auction, arranged by the Korea Energy Agency (KEA).
The Taean Wind Power project, a fixed-bottom offshore wind project with a planned capacity of 500 MW, is targeting construction commencement in the second half of 2026, with commercial operations anticipated by late 2029.
To support the completion of the development phase and the transition to construction and operations, Taean Wind Power has entered into service agreements with Copenhagen Offshore Partners (COP) and Vena Energy’s development, engineering, construction, operation and asset management functions harnessing their combined expertise to ensure the successful delivery of this landmark project.
COP is the exclusive offshore wind development partner to CIP. CIP, through its flagship fund Copenhagen Infrastructure V, acquired a 49% stake in Taean Wind Power in late 2024. Vena Energy retains majority ownership of Taean Wind Power.
COP Korea CEO, Jonathan Spink stated, “The Taean Wind Power project represents a significant step in our commitment to advancing renewable energy in Korea. By partnering with industry leaders, we are excited to create sustainable energy solutions that will benefit local communities and support the country’s energy independence.”
“By securing a contract for the Taean Wind Power project, we are increasing our footprint in Korea and carrying forward our commitment to support the government’s ambitious renewable energy goals,” said Jesper Krarup Holst, Partner and Head of APAC at COP.
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, 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.
COP is currently leading development for approximately 5 GW of offshore wind projects in Korea. The Jeonnam 1, Jeonnam 2 and Jeonnam 3 projects are planned to have a total capacity of 800MW, and the Haewoori floating offshore wind project will have an operational capacity of 1.5 GW. All of these projects are being developed in close coordination with local stakeholders and the Korean government to achieve their goal of deploying 14.3 GW of offshore wind power by 2030.
About Copenhagen Offshore Partners (COP)
Copenhagen Offshore Partners (COP) is a world leader in offshore wind project origination, development, and construction. COP is accelerating the energy transition through development of a 50+ GW project portfolio. An industry pioneer, the group is leading project development in new markets, including four projects recently completed or currently under construction – Changfang and Xidao and Zhong Neng in Taiwan, Vineyard Wind 1 in the United States and Jeonnam 1 in Korea. COP also specializes in system integration capabilities, including power-to-x. COP’s expert team are advancing projects across 18 offices in Europe, Asia Pacific, and the Americas. COP is a proudly independent company owned by its management. Learn more at www.cop.dk
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages 12 funds and has to date raised approximately EUR 28 billion for investments in energy and associated infrastructure from more than 160 international institutional investors. CIP has approximately 500 employees and 12 offices around the world.
For more information, visit www.cip.com
About Vena Energy
Vena Energy, a leading green energy solutions provider in the Asia Pacific region, is accelerating the transition to sustainable and affordable renewable energy that delivers lasting economic, social, and environmental benefits to our host communities and stakeholders.
We provide green energy and digital solutions to our customers, which are powered by a renewable energy portfolio of Onshore Wind, Solar, and Offshore Wind projects totaling 39 GW[1] and a green infrastructure pipeline including 24GWh of BESS[2], 620MW DC of Data Centres, and 0.8MTPA of Green Hydrogen and Ammonia.
With an extensive local presence of over 1,000 employees across 80 corporate and site offices globally, Vena Energy endeavors to drive the broader adoption of low-carbon energy, thereby contributing to the goal of combatting climate change and engineering a greener future.
For more information, please visit www.venaenergy.com, or follow us on LinkedIn, Facebook, Instagram.
[1] as of 30 September 2024.
[2] Includes 0.2GWh BESS OCC portfolio