Taean Wind Power Secures Fixed-Price Contract in South Korea

Taean Wind Power, a partnership between Copenhagen Infrastructure Partners (CIP) and Vena Energy, has finalized a fixed-price offtake agreement for a major offshore wind project in South Korea.

The 500MW project is slated to begin construction in the latter half of 2026, with operations expected to commence by late 2029. Once operational, the wind farm will supply clean energy to approximately 300,000 households across South Korea each year.

In late 2024, CIP’s flagship fund, Copenhagen Infrastructure V, acquired a 49% ownership stake in Taean Wind Power.

South Korea is emerging as a key player in offshore wind energy in the Asia Pacific region, with a national goal of installing 14.3GW of offshore wind capacity by 2030 as part of its commitment to achieving carbon neutrality by 2050.

“Taean represents an attractive opportunity to increase our offshore wind footprint in Korea. 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,” said Thomas Wibe Poulsen, partner at CIP.

Since entering the South Korean market in 2018, CIP has become a significant contributor to the country’s offshore wind development. The firm is currently working on around 5GW of offshore wind projects in South Korea, including the Jeju Island initiative.