- Vena Energy and Copenhagen Infrastructure Partners have announced that its joint offshore wind project, Taean Wind Power, has been awarded an offtake contract.
- CIP, through its flagship fund Copenhagen Infrastructure V (CI V), acquired a 49 per cent stake in Taean Wind Power in late 2024 and will develop the project jointly with Vena Energy.
Vena Energyand Copenhagen Infrastructure Partners (CIP) have announced that its joint offshore wind project, Taean Wind Power, has been awarded an offtake contract in Korea’s 2024 wind power fixed-price contract auction.
The Taean Wind Power project, a fixed-bottom offshore wind project with a planned capacity of 500 MW, secured the offtake contract from the Korean Energy Agency.
Construction of the project, executed jointly by CIP and Singapore-based renewable energy company Vena Energy, is due to commence in the second half of 2026, with commercial operation anticipated by late 2029.
CIP, through its flagship fund Copenhagen Infrastructure V (CI V), acquired a 49 per cent stake in Taean Wind Power in late 2024 and will develop the project jointly with Vena Energy.
CIP partner Thomas Wibe Poulsen described the project as “an attractive opportunity to increase our offshore wind footprint in Korea.” He said participation in the Taean project “will further strengthen and diversify CIP’s investment portfolio and support our ambition of securing attractive risk-adjusted returns for our investors.”
Vena Energy chief investment officer Simone Grasso described Taean Wind Power as “a significant step forward” advancing Korea’s energy independence and decarbonisation goals. He said that, combining the companies’ respective capabilities and expertise, they are paving the way for the successful delivery of what he said is a landmark project.
Taean Wind Power director Kwangjin Cheong said, “Reaching this milestone emphasizes our dedication to delivering clean, sustainable energy to local communities. We thank our stakeholders and partners, including the Government, Taean County, our supply chain collaborators, residents and fisheries for their invaluable support.”
The companies said the project is designed to deliver significant economic and environmental benefits, revitalize the local economy, create meaningful job opportunities, and enhance the resilience of the local supply chain.
The project partners are collaborating with a number of supply chain companies, including LS Cable & System as preferred cable supplier.