Orsted Korea signs Incheon economic zone deal

Orsted has signed a deal with South Korea’s Incheon Free Economic Zone Authority (IFEZA) to cooperate on the green transformation and carbon neutrality of the area.

Under the memorandum of understanding, Orsted Korea and IFEZA agreed to explore key areas of collaboration, including Orsted Korea’s 1.6GW Incheon offshore wind projects.

The collaboration is set to include feasibility studies to supply renewable energy to companies in IFEZ and the surrounding areas, supply chain development of local industries in Incheon City and the surrounding areas, and job creation in IFEZ and the surrounding areas.

In addition, the parties agreed to work together towards collaboration of the green transformation of IFEZ and the wider area in order to attract long-term international investments.

Seung-Ho Choe, Country Manager of Orsted Korea, said: “Together with IFEZA, we are committed to promoting green transformation and job creation and developing strong partnerships with Incheon stakeholders and suppliers to expand into domestic and APAC markets.”

Jin-Yong Kim, Commissioner of IFEZA, said: “IFEZA will make further efforts to achieve carbon neutrality in IFEZ to enable Incheon to attract global front-runners of future industry sectors more than any others.”