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Taean Wind Power Secures Fixed Price Offtake Contract to Develop Offshore Wind Project in Korea

This is a significant milestone in the project’s development, marking the first time a South Korean company has secured an offtake contract for an offshore wind project.

The Taean Wind Power Project

The Taean Wind Power project is a 1.2 GW offshore wind farm located in the Yellow Sea, approximately 30 kilometers off the coast of Taean, South Korea. The project aims to reduce carbon emissions and promote sustainable energy development in South Korea.

Key Features of the Project

  • Location: The project is situated in the Yellow Sea, approximately 30 kilometers off the coast of Taean, South Korea. Capacity: The project has a total capacity of 2 GW. Technology: The project will utilize wind turbines with a capacity of 6 MW each. * Duration: The project is expected to operate for 25 years. ### Offtake Contract**

    • Offtake Contract

    The offtake contract is a significant milestone in the project’s development.

    The project aims to develop a 1.2 GW offshore wind farm in the Taean area of South Korea, which will be one of the largest in the country.

    Introduction

    The Taean Offshore Wind Project is a groundbreaking initiative that seeks to harness the power of the wind to generate clean energy and drive economic growth in South Korea. Located in the Taean area, this project is poised to become one of the largest offshore wind farms in the country, with a capacity of 1.2 GW. The project’s success will not only contribute to the reduction of greenhouse gas emissions but also provide a significant boost to the local economy.

    Benefits for the Local Economy

    The Taean Offshore Wind Project is expected to have a profound impact on the local economy, creating new job opportunities and stimulating economic growth. Some of the key benefits include:

  • Increased employment: The project is expected to create over 1,000 jobs during the construction phase, with many more jobs created in the operational phase. Economic stimulus: The project is expected to generate significant revenue for the local government, which can be used to fund public services and infrastructure. Supply chain development: The project will require the development of a local supply chain, which will create new business opportunities for local companies. ## Environmental Benefits*

    • Environmental Benefits

    The Taean Offshore Wind Project is also expected to have significant environmental benefits, including:

  • Reduced greenhouse gas emissions: The project will generate clean energy, reducing the country’s reliance on fossil fuels and lowering greenhouse gas emissions. Improved air quality: The project will reduce air pollution, improving the health and well-being of local residents.

    Vena Energy’s CIP team has developed a range of innovative solutions, including:

    Technical Capabilities

  • Advanced wind turbine design and installation
  • Innovative foundation designs for floating wind turbines
  • Cutting-edge monitoring and control systems
  • Expertise in wind farm development and operation

    • Advanced Wind Turbine Design and Installation

    Vena Energy’s CIP team has developed advanced wind turbine designs that optimize energy production while minimizing environmental impact. For example, their proprietary “WindFlex” turbine design features a unique blade shape that increases energy production by up to 15% compared to traditional designs.

    Innovative Foundation Designs for Floating Wind Turbines

    Vena Energy’s CIP team has also developed innovative foundation designs for floating wind turbines.

    The Taean Project: A New Frontier for Offshore Wind in Korea

    The Taean project represents a significant milestone in the development of offshore wind energy in Korea. As a leading renewable energy company, CI V is well-positioned to capitalize on the growing demand for clean energy and the increasing importance of reducing carbon emissions.

    A Growing Demand for Offshore Wind

  • The Korean government has set ambitious targets for offshore wind energy, aiming to generate 10% of the country’s electricity from offshore sources by The Taean project is expected to contribute significantly to this goal, with a planned capacity of 1,000 MW. As the demand for renewable energy continues to grow, the Taean project will play a crucial role in supporting Korea’s transition to a low-carbon economy. ### A Strong Investment Case*

    • A Strong Investment Case

  • The Taean project offers a compelling investment opportunity, with a strong potential for returns based on the increasing demand for offshore wind energy. The project’s location in the Taean Bay, with its strong and consistent winds, makes it an ideal site for offshore wind turbines. CI V’s participation in the project will not only generate attractive returns for investors but also contribute to the development of a sustainable and reliable energy source. ### Diversification and Risk Management*

    • Diversification and Risk Management

  • The Taean project will further diversify CI V’s investment portfolio, reducing reliance on a single market or asset class. By investing in offshore wind energy, CI V will also be managing risk more effectively, as the project is less susceptible to market volatility and regulatory changes.

    The Rise of Offshore Wind in South Korea

    South Korea has been actively promoting the development of offshore wind energy in recent years, driven by its ambitious climate change goals. The country aims to achieve carbon neutrality by 2050, which will necessitate a significant increase in the use of renewable energy sources, including offshore wind.

    Overview of CIP

    CIP, or the Central Investment Programme, is a leading global investment manager specializing in energy and infrastructure projects. With a strong track record of delivering successful investments, CIP has established itself as a trusted partner for institutional investors seeking to diversify their portfolios and achieve long-term returns.

    Key Statistics

  • CIP manages 12 funds, covering a wide range of energy and infrastructure sectors. The organization has raised approximately EUR 31 billion in investments from over 180 international institutional investors. CIP boasts an impressive global presence, with 14 offices and approximately 500 employees worldwide. ## Investment Strategy*

    • Investment Strategy

    CIP’s investment strategy is centered around identifying and capitalizing on opportunities in the energy and infrastructure sectors. The organization’s team of experienced professionals conducts thorough research and analysis to identify potential investments that align with its clients’ goals and risk tolerance.

    Investment Focus Areas

  • Renewable energy: CIP invests in a variety of renewable energy sources, including solar, wind, and hydroelectric power. Energy storage: The organization also invests in energy storage solutions, such as batteries and pumped hydro storage. Infrastructure: CIP invests in a range of infrastructure projects, including transportation, utilities, and real estate. ## Client Base*

    • Client Base

    CIP’s client base is diverse and global, with institutional investors from over 180 countries. The organization’s clients include pension funds, endowments, and sovereign wealth funds, among others.

    Client Benefits

  • Diversification: CIP’s energy and infrastructure investments provide clients with a unique opportunity to diversify their portfolios and reduce risk. Long-term returns: The organization’s focus on long-term investments ensures that clients can achieve stable and predictable returns over time.

    Harnessing innovation to reduce carbon footprint and promote sustainable energy solutions.

    With a strong focus on innovation and sustainability, Vena Energy aims to reduce its carbon footprint and promote the use of renewable energy sources.

    The Mission of Vena Energy

    At the heart of Vena Energy’s mission is a commitment to driving the adoption of low-carbon energy solutions. The company recognizes the critical role that energy plays in shaping the future of our planet, and it is dedicated to making a positive impact on the environment. Vena Energy’s mission is guided by a set of core values that prioritize sustainability, innovation, and customer satisfaction.

    Key Objectives

  • Reduce carbon footprint: Vena Energy aims to minimize its carbon footprint through the implementation of sustainable practices and the use of renewable energy sources.

    Media Inquiries Oliver Routhe Skov, Head of Media Relations Phone: +45 30541227 Email: [email protected] Investor Relations Thomas Kønig, Head of Fundraising, Partner Investor Relations Phone: +45 7070 5151

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