Ørsted has signed memoranda of understanding (MoUs) with Korean state-owned utilities Korea Southern Power (KOSPO) and Korea Midland Power (KOMIPO) for the development of the 1.6 GW Incheon offshore wind project. The total investment for the Incheon offshore wind project is multi-trillion won, and the large-scale investment related to the Korean Green New Deal will lead to various positive ripple effects, such as the creation of a construction base, supply of equipment, and job creation, which are expected to revitalise the Incheon economy. The Incheon offshore wind project will provide clean energy to 1.3 million Korean households and reduce carbon emissions by almost 4 million metric tons per year, thus making significant contributions to supporting Korea in achieving its green energy transition and its target of reaching net-zero emissions by 2050.