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.Under the two MoUs, the companies have agreed to contribute to the growth of offshore wind power in Korea and to support the country’s carbon neutrality targets by exploring key areas of collaboration on Ørsted’s Incheon offshore wind project. The exploration will encompass renewable energy certificate (REC) offtake, joint operation and partnerships, as well as technology exchange for offshore wind O&M, while working towards a broader collaboration on developing renewable energy in Korea.