South Korean authorities granted Ørsted a 1.6-gigawatt electricity business license, enabling the company to develop the Incheon offshore wind project, according to a Nov. 30 news release.

Located about 70 km off the coast of Incheon City, the project could provide enough renewable energy for more than 1 million Korean households and lower emissions by about 4 million tonnes annually, Ørsted said.

The electricity business license, approved by the Ministry of Trade, Industry & Energy of Korea, marks the first for Ørsted in the country.

“Ørsted has unparalleled capabilities for delivering large-scale offshore wind power projects, and we have a strong track record working with Korean suppliers in our global portfolio over the past decade,” Per Mejnert Kristensen, senior vice president and president of the Asia-Pacific for Ørsted, said in the release. “This collaboration will ensure the Incheon project leads the way for a thriving offshore wind industry, capable of generating clean energy reliably, attracting long-term investments, and creating jobs in Korea.”

Next steps for the project include environmental impact assessments, site investigations and preparations for participating in Korea’s annual fixed-price wind auction, Ørsted said.

The project is expected to be complete in the early 2030s, subject to a final investment decision.