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

This significant development marks a major milestone in the project’s development and paves the way for the project’s completion.

Project Overview

The Taean Wind Power project is a 1.2 GW offshore wind farm located in the Taean Bay, South Korea. The project is a joint venture between CIP and Vena Energy, with CIP holding a 60% stake and Vena Energy holding a 40% stake. The project aims to generate 1.2 GW of electricity, enough to power approximately 1.1 million homes.

Key Features

  • Location: Taean Bay, South Korea**
  • Capacity: 2 GW**
  • Stakeholders: CIP (60%), Vena Energy (40%)**
  • Generation: 2 GW of electricity**

    • Offtake Contract

    The offtake contract is a significant development for the project, as it provides a guaranteed market for the wind farm’s electricity.

    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.

    The Project Overview

    The Taean Offshore Wind Project is a groundbreaking initiative that seeks to harness the power of the wind to generate clean and sustainable energy. The project’s primary objective is 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.

    Technical Expertise

    Vena Energy’s technical capabilities are built on a strong foundation of innovation and expertise. The company has developed a range of cutting-edge technologies that enable the efficient and effective development of renewable energy projects. Some of the key technical capabilities that set Vena Energy apart include:

  • Advanced wind turbine design and manufacturing
  • Expertise in offshore wind farm development and maintenance
  • State-of-the-art energy storage solutions
  • Innovative grid integration and energy management systems

    • These technical capabilities have enabled Vena Energy to deliver successful projects in Korea and other countries in the Asia-Pacific region. The company’s commitment to innovation and technical excellence has earned it a reputation as a trusted partner for renewable energy developers and operators.

    Case Studies

    Vena Energy has a proven track record of delivering successful renewable energy projects in Korea and other countries. Some notable case studies include:

  • The 2 GW Gyeongwon Offshore Wind Farm, which was developed in partnership with the Korean government and other stakeholders
  • The 1 GW Jindo Offshore Wind Farm, which was developed in partnership with the Korean government and other stakeholders
  • The 0 GW Jeju Offshore Wind Farm, which was developed in partnership with the Korean government and other stakeholders

    • These case studies demonstrate Vena Energy’s ability to deliver large-scale renewable energy projects that meet the needs of both developers and operators.

    Introduction

    The Taean offshore wind project in South Korea is a significant development in the country’s renewable energy landscape. As a leading renewable energy company, CI V is excited to participate in this project, which will not only contribute to the country’s energy transition but also enhance our own investment portfolio.

    Benefits for CI V

  • Increased offshore wind footprint in Korea
  • Diversification of investment portfolio
  • Attractive risk-adjusted returns for investors

    • Benefits for South Korea

  • Contribution to the country’s energy transition
  • Enhanced renewable energy capacity
  • Reduced greenhouse gas emissions

    • Benefits for the Environment

  • Reduced reliance on fossil fuels
  • Lower carbon footprint
  • Promotion of sustainable energy development

    • Project Overview

    The Taean offshore wind project is a 100 MW wind farm located in the Taean Bay, South Korea. The project will feature 50 turbines, each with a capacity of 2 MW, and will be connected to the national grid.

    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 goals. The country aims to become carbon neutral by 2050, which will necessitate a significant increase in the use of renewable energy sources, including offshore wind.

    Key Statistics and Trends

  • South Korea has set a target of generating 20% of its electricity from offshore wind by The country has already installed over 1,000 MW of offshore wind capacity, with plans to increase this to 3,000 MW by South Korea’s offshore wind market is expected to grow rapidly, with the country aiming to become one of the top five offshore wind markets in the world by ### Government Support and Incentives*

    • Government Support and Incentives

    The South Korean government has been actively supporting the development of offshore wind energy through various incentives and policies. These include:

  • A feed-in tariff (FIT) scheme, which provides a fixed price for renewable energy producers to sell their electricity to the grid.

    The CIP Group: A Global Leader in Infrastructure Investment

    The CIP Group is a leading global investment manager specializing in infrastructure investments.

    With a strong focus on innovation, Vena Energy is committed to developing and implementing cutting-edge technologies to reduce greenhouse gas emissions and mitigate climate change.

    The Mission of Vena Energy

    At the heart of Vena Energy’s mission is a commitment to sustainability and reducing carbon emissions. The company’s vision is to create a low-carbon energy future, where renewable energy sources are the norm. To achieve this, Vena Energy is dedicated to investing in research and development, as well as collaborating with governments, businesses, and communities to drive the adoption of low-carbon energy solutions.

    Key Initiatives

  • Renewable Energy Development: Vena Energy is actively involved in the development of renewable energy projects, including solar, wind, and hydroelectric power. The company is committed to creating a diversified portfolio of renewable energy assets that can help reduce greenhouse gas emissions and mitigate climate change. Energy Efficiency: Vena Energy is also focused on improving energy efficiency in buildings and industries. The company is working with clients to identify opportunities for energy savings and implement energy-efficient solutions that can reduce energy consumption and lower greenhouse gas emissions. Carbon Capture and Storage: Vena Energy is exploring the development of carbon capture and storage (CCS) technologies, which can help reduce emissions from industrial sources. The company is working with governments and businesses to develop and deploy CCS technologies that can help mitigate climate change. ## The Benefits of Vena Energy’s Approach**

    • The Benefits of Vena Energy’s Approach

    Vena Energy’s approach to reducing carbon emissions and mitigating climate change has several benefits. Some of the key advantages include:

  • Reduced Greenhouse Gas Emissions: By investing in renewable energy and improving energy efficiency, Vena Energy can help reduce greenhouse gas emissions and mitigate climate change.

    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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