Copenhagen Infrastructure Partners (CIP) has been a leading overseas developer steadily expanding its domestic offshore wind pipeline centered on Sinan and Taean since entering Korea in 2018. This publication examined CIP's domestic and international project status and recent supply chain cooperation trends following CIP's simultaneous acquisition of both fixed-bottom and floating projects in the first half of 2026 offshore wind competitive auction in June.
Copenhagen Infrastructure Partners (CIP) secured two projects totaling 1,036 MW in the first half of 2026 offshore wind fixed-price contract competitive auction: Haesong 3 Offshore Wind (504 MW) and Haewoori 2 Offshore Wind (532 MW). The Ministry of Climate, Energy and Environment announced on June 30 that the Korea Energy Agency (KEA) had finalized the auction results and notified the developers individually.
Haesong 3 Offshore Wind is part of the Haesong Offshore Wind 1 and 3 projects located offshore in Sinan County, Jeollanam-do. CIP obtained an Electricity Business License (EBL) and environmental impact assessment (EIA) approval for a 500 MW power generation complex before securing the fixed-price contract through this auction.
Haewoori 2 Offshore Wind is one of the Haewoori Offshore Wind 1, 2, and 3 projects being pursued offshore Ulsan and is part of a floating project comprising three 500 MW power generation complexes. Haewoori 2 is expected to be equipped with 14 MW Siemens Gamesa turbines manufactured domestically.
Both projects completed their Electricity Business License and environmental impact assessment procedures beforehand and advanced their project viability through this auction.
The auction attracted nine projects totaling 3,656 MW and recorded a competition ratio of 2 to 1, the first time exceeding 2 to 1 since the offshore wind competitive auction system was introduced. Five projects totaling 1,786 MW were ultimately selected.
Fixed-bottom projects secured 1,254 MW, significantly exceeding last year's annual scale of 689 MW. In the general market, Haesong 3 Offshore Wind by CIP, Gulup-do Offshore Wind (250 MW) by SK Econic, and Hanbit Offshore Wind (340 MW) by Myungwoon were selected. In the public-led market, Geumo-do Offshore Wind (160 MW) by Korea Midland Power (KOMIPO) was selected.
Haewoori 2 Offshore Wind by CIP was the only floating project selected. The floating auction was not held last year due to insufficient participation demand but resumed this year, and the industry expects expanded domestic supply chain participation in areas such as floating platform manufacturing.
The government evaluated that despite the price ceiling being approximately 3 percent lower than last year, the high competition ratio achieved both price competitiveness and expanded supply simultaneously.
CIP Acquires Ørsted's European Onshore Renewable Energy Business, Diversifying Portfolio
Prior to announcing the domestic auction results, CIP accelerated global expansion in February by announcing the acquisition of Ørsted's European onshore energy business division.
The acquisition includes 800 MW of renewable energy projects currently operating and under construction in Ireland, the United Kingdom, Germany, Spain and other locations, along with several gigawatts of pipeline in development and permitting stages. Upon completion of the acquisition process, it will be operated as an independent entity under a new name and brand.
The transaction is expected to be finalized in the second quarter of 2026 following regulatory approval.
Mads Skovgaard Andersen, Chief Investment Officer of CIP, evaluated that the acquisition would be a milestone in simultaneously strengthening market share and technological capabilities within Europe.
The acquisition was conducted through Flagship Fund CI V, which was established in March of last year with 12 billion euros (approximately 19 trillion won), exceeding its target amount. The fund aims to invest in offshore wind, onshore wind, solar, and battery energy storage systems (BESS) in advanced markets across Asia-Pacific including Korea, North America, and Europe.
Raising 65 Trillion Won from Over 200 Institutional Investors Worldwide, Operating 13 Funds
CIP is a global green energy investment and development company established in Copenhagen, Denmark in 2012, with the Danish national pension fund PensionDanmark and global leaders who pioneered the European offshore wind industry as its backbone.
Currently maintaining offices in 17 countries, CIP is developing a renewable energy pipeline exceeding 150 GW in total across onshore wind, solar, energy storage systems (ESS), and Power-to-X (PtX) including green and blue ammonia. As of April 2026, it has raised approximately 37 billion euros (approximately 65 trillion won) from over 200 institutional investors and operates 15 funds.
Its cumulative investment target in the clean energy sector exceeds 130 billion euros (approximately 190 trillion won).
Domestic Pipeline Expanded to 5.9 GW, Centered on Sinan, Taean, and Ulsan
CIP Korea, established in August 2018, has expanded its domestic offshore wind business centered on Sinan and Taean in Jeollanam-do and Ulsan.
Jeonnam P1 - SK E&S (900 MW) is being jointly developed with SK Innovation E&S, and Jeonnam 1 (96 MW) commenced commercial operation in May of last year.
Taean Wind Power (500 MW) is being pursued with Vena Energy targeting commercial operation by the end of 2029. Haesong Offshore Wind 1 and 3 (1 GW), Haegeum Offshore Wind 1 and 2 (1 GW), and Haewoori Offshore Wind 1, 2, and 3 (1.5 GW) have all obtained Electricity Business Licenses (EBL).
Combined, the existing pipeline totals 4.9 GW. Adding the 1,036 MW newly secured in the first half of this year, CIP's domestic offshore wind pipeline expands to approximately 5.9 GW.
CIP also holds track records internationally, having brought the United States Vineyard Wind 1 (approximately 860 MW), Scotland Beatrice (approximately 588 MW), Taiwan Changfang Xidao (595 MW), and Zhongning (295 MW) to commercial operation stages.
Haesong Offshore Wind Establishes Domestic Supply Chain with LS Cable, LS Marine Solution, and Doosan Enerbility
Haesong Offshore Wind Power, the project company for Haesong Offshore Wind 1 and 3 including Haesong 3 Offshore Wind which secured the fixed-price contract, has worked to strengthen the domestic supply chain.
In May, it signed a preferred supplier agreement (PSA) contract with LS Cable for subsea cable supply, followed by a PSA contract with LS Marine Solution for subsea cable transportation and installation, establishing a system for domestic company cooperation across the entire process from subsea cable production through transportation and installation.
Previously in April, it signed a memorandum of understanding (MOU) with Siemens Gamesa Renewable Energy and Doosan Enerbility to expand domestic localization cooperation for offshore wind. In May, it received a letter of intent (LOI) from Doosan Enerbility for domestic turbine assembly, securing stable turbine equipment production capacity.
Haesong Offshore Wind Power held a "Haesong Offshore Wind 1 and 3 Supply Chain Networking Day" in Jongno-gu, Seoul in March, working to create a mutually beneficial ecosystem with domestic partners.
Joris Hol, Project CEO of Haesong Offshore Wind Power, stated at the event that it was an opportunity to build trust with domestic partner companies and confirm cooperation intentions, expressing the commitment to contribute to the development of South Korea's offshore wind industry by combining CIP and Copenhagen Offshore Partners' (COP) global development expertise with the capabilities of domestic supply chain companies.
Haewoori Offshore Wind Accelerates Domestic Supply Chain Development as Floating Market Reopens
Haewoori Offshore Wind Power, the project company for Haewoori Offshore Wind 1, 2, and 3 including Haewoori 2 Offshore Wind which secured the floating fixed-price contract, previously signed basic design service contracts with Aker Solutions and Principle Power for floating substructure design.
Aker Solutions is responsible for floating platform design and procurement as well as integrated engineering for cable, port, and turbine equipment transportation and installation, while Principle Power handles floating platform and mooring system design, and both have discussed methods for utilizing the domestic supply chain.
In March this year, it held a "Haewoori Offshore Wind 1, 2, and 3 Technology Symposium" at the Korea Chamber of Commerce and Industry in Seoul to explore cooperation methods with domestic supply chain companies.
Jonathan Spink, COP Korea Representative, stated at the event his commitment to continue close cooperation with the domestic supply chain for the successful completion of Ulsan's floating offshore wind project.
With CIP securing new capacity in both fixed-bottom and floating categories through the first half auction and concrete supply chain cooperation with domestic companies continuing to materialize, industry attention remains on what steps CIP will take in the domestic offshore wind market in the second half and beyond.
Original Korean article: Today Energy
