POSCO Group Signs MOU with Ørsted for Joint Development of Incheon Offshore Wind Project

Korea's Largest 1.4GW Project Accelerates Renewable Energy Expansion
Value Chain Collaboration from Steel Supply to Installation and Operation

POSCO Group is partnering with Ørsted, the world's largest offshore wind company, to develop the largest offshore wind power project in Korea, located in Incheon.

On the 26th, POSCO Group announced that it had signed a memorandum of understanding (MOU) with Ørsted at the POSCO Center in Seoul for the joint development of a 1.4GW-class Incheon offshore wind power project. Under this agreement, POSCO Group will explore cooperation in various areas, including the supply of high-strength steel required for the fabrication of offshore wind substructures and towers, construction of onshore infrastructure, offshore installation (EPCI), and operation and maintenance. Ørsted previously obtained a power generation business license for the Incheon offshore wind farm in 2023.

POSCO Group signed a memorandum of understanding (MOU) for the joint development of the Incheon offshore wind power project with Ørsted at the POSCO Center on the 24th. From the left, Ju Tae Lee, CEO of POSCO Holdings, and Fair Minor Christensen, CEO of Ørsted Asia Pacific. Provided by POSCO Holdings

The two companies plan to form a joint working group to discuss detailed cooperation measures and to begin full-scale implementation of the project. Ju Tae Lee, CEO of POSCO Holdings, stated, "By leveraging our business capabilities and know-how accumulated across the entire domestic offshore wind supply chain, we aim to contribute to the expansion of renewable energy and the enhancement of national industrial competitiveness." Fair Minor Christensen, CEO of Ørsted Asia Pacific, said, "By combining POSCO's technological expertise with Ørsted's global leadership, we will successfully advance the Incheon offshore wind power project."

Meanwhile, in line with its decarbonization roadmap, POSCO Group is introducing hydrogen reduction steelmaking technology in its steel division and diversifying its energy portfolio to focus on LNG, hydrogen, and renewable energy in its energy division.