REG-Ørsted A/S Ørsted secures 1.6 GW electricity business license for offshore wind project off the coast of Incheon, Korea

Oersted A/SAnnouncement

30/11/2023 06:15

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   Ørsted A/S (Orsted)
   Ørsted secures 1.6 GW electricity business license for offshore wind
   project off the coast of Incheon, Korea

   30-Nov-2023 / 07:00 CET/CEST

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   30.11.2023 07:00:01 CET | Ørsted A/S | Investor News

   Ørsted has been granted a 1.6 GW electricity business license (EBL) by the
   Ministry of Trade, Industry & Energy of Korea for an offshore wind project
   located 70 km off the coast of Incheon City.

   The license grants Ørsted exclusive development rights for its
   gigawatt-scale Incheon offshore wind project, which is set to become the
   largest in Korea on completion and will contribute to the country’s goal
   of being carbon-neutral by 2050.

   The Ørsted project has the potential to support Incheon City’s net-zero
   target with a capacity to provide renewable energy to over a million
   Korean households while reducing carbon emissions by approximately 4
   million tonnes annually.

   Per Mejnert Kristensen, Senior Vice President and President of Region APAC
   at Ørsted, says: “At Ørsted, we’re pleased to secure our first electricity
   business license in Korea. We now look forward to helping to accelerate
   the country’s green energy transition and support Incheon’s ambitions as a
   hub for renewable power. 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. 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.”

   Ronnie Brandstrup, Head of APAC Project Development & Programmes at
   Ørsted, says: “We thank the Korean government for approving Ørsted’s
   electricity business license EBL application. At Ørsted, we believe that
   the green transition should have a positive impact on climate and nature
   and also deliver lasting benefits for society. Our teams have worked
   tirelessly to promote local co-existence initiatives, and we’ll continue
   to actively engage with the local communities to create opportunities for
   local industries, fishers, and residents throughout the entire cycle of
   the project.”

   Next steps
   The next steps for Ørsted’s Incheon offshore wind project include
   environmental impact assessments, site investigations, and preparations
   for participating in Korea’s annual fixed-price wind auction. Subject to
   the successful outcome of these processes and Ørsted taking the final
   investment decision, the project is expected to be completed in the early
   2030s. 

   For further information, please contact:

   Global Media Relations
   Jakob Gøtzsche Vesterager
   +45 99 55 78 21
    1 javen@orsted.com 

   Investor Relations
   Rasmus Keglberg Hærvig
   +45 99 55 90 95
    2 ir@orsted.com 

   About Ørsted
   The Ørsted vision is a world that runs entirely on green energy. Ørsted
   develops, constructs, and operates offshore and onshore wind farms, solar
   farms, energy storage facilities, renewable hydrogen and green fuels
   facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate
   Change A List as a global leader on climate action and was the first
   energy company in the world to have its science-based net-zero emissions
   target validated by the Science Based Targets initiative (SBTi).
   Headquartered in Denmark, Ørsted employs approx. 8,700 people. Ørsted's
   shares are listed on Nasdaq Copenhagen (Orsted). In 2022, the group's
   revenue was DKK 132.3 billion (EUR 17.8 billion). Visit  3 orsted.com or
   follow us on  4 Facebook,  5 LinkedIn, Instagram, and  6 X.

       Attachments

     •  7 Ørsted_incheon-map-en.jpg
     •  8 Electricity Business License EN.pdf

   News Source: Ritzau

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          DK0060094928
   Category Code: MSCM
   TIDM:          Orsted
   Sequence No.:  288146
   EQS News ID:   1784971


    
   End of Announcement EQS News Service

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