Wind Energy
Earlier this week, the Korean offshore wind H1 2026 competitive auction results were released.
→ ~1.786 MW selected across 5 projects, out of 3,656 MW of bids. This is the first time since 2022 that the bid ratio exceeded 2:1.
→ 1,254 MW of fixed-bottom offshore wind was awarded across 3 projects, one 160 MW public-led fixed-bottom project, and COP’s floating project was selected.
The Ministry of Climate, Energy, and Environment noted the price cap was adjusted to reflect global LCOE and CAPEX trends, and as a starting point for long-term price reduction, showing clear pricing signals.
At the same time, all selected projects submitted domestic supply chain participation plans, reflecting the inclusion of industrial economic effects and supply chain contribution in the non‑price evaluation criteria alongside price.
The Government has also published a 10-year tender schedule from now to 2035, allocating more than 4GW annually.
The winners are:
• Guleopdo Offshore Wind, 250 MW, DAEWOO E&C Group and SK Group
• Hanbit Offshore Wind, 340 MW, B.Grimm,
• Haesong 3 Offshore Wind, 504 MW Copenhagen Offshore Partners
• Haewoori 2 Floating Offshore Wind, 532 MW, Copenhagen Offshore Partners
• Geumodo Offshore Wind, 160 MW, DL E&C, and Korea Midland Power
South Korea, like other countries, has strong potential and ambitions for floating wind. This will accelerate the world-class supply chain and support the country’s climate targets. Cost efficiency and deeper yard collaboration will support competitive floating offshore wind execution. We, at Principle Power, continue to progress engineering work and collaboration with local shipyards and suppliers to support the deployment of WindFloat units in South Korea.
