CIP and Vena Energy's Taean Wind Power to Develop Offshore Wind Project in Korea

Copenhagen Infrastructure Partners (CIP) and Vena Energy announced that their joint offshore wind project, Taean Wind Power, has been awarded an offtake contract 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 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.

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.