November 18, 2024 01:00 ET| Source: Copenhagen Infrastructure Partners
SEOUL, South Korea, Nov. 18, 2024 (GLOBE NEWSWIRE) — Jeonnam 1 today announced the delivery of first power. The project is developed jointly by Copenhagen Infrastructure Partners (“CIP”) through its fund Copenhagen Infrastructure III (“CI III”), SK Innovation E&S, one of the largest conglomerates in South Korea, and Copenhagen Offshore Partners (COP), the exclusive offshore wind development partner to CIP.
Construction on Jeonnam 1 started in early 2023 with turbine installation commencing in September 2024. Commercial operations are expected in the first quarter of 2025. Jeonnam 1 can, when fully operational, provide green electricity to power approximately 60,000 households.
The project has supported both local communities and the domestic offshore wind power industry in South Korea, through multiple manufacturing and construction contracts with Korean suppliers as well as the use of local ports and facilities.
“First power from Jeonnam 1 is a landmark for CIP, our partners and the offshore wind industry in South Korea. It showcases our strong project execution capabilities – and we are very proud to have reached this significant milestone in collaboration with our partners,” said Thomas Wibe Poulsen, Partner in CIP. “I would like to congratulate everyone involved with a project that makes a significant contribution to South Korea’s energy transition and supports the country’s long-term offshore wind ambitions.”
South Korea has vast potential for offshore wind and is one of the largest offshore wind markets in Asia Pacific, with ambitious targets of 14.3 GW installed capacity by 2030. The country has pledged to achieve carbon neutrality by 2050, which will require delivery of additional large-scale renewables including offshore wind projects.
CIP entered the South Korean market in 2018 and has since worked with local companies, authorities, and communities to develop wind power supply networks and foster a strong industry ecosystem. CIP currently has an offshore wind development pipeline of approximately ~5.0GW in South Korea.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focuses on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages 12 funds and has to date raised approximately EUR 31 billion for investments in energy and associated infrastructure from more than 180 international institutional investors. CIP has approximately 500 employees and 14 offices around the world. For more information, visit www.cip.com