wind solar storage project financing options in Korea 2025

Will South Korea bid for offshore wind projects in ?

South Korea’s Energy Agency has announced a competitive bidding for offshore wind projects with a capacity of 1.25 GW and 1 GW solar projects in the first half of . The offshore wind tender for the first half of this year will focus on fixed-bottom projects.

How many MW of offshore wind will South Korea offer?

Out of the total 1.25 GW capacity, 500 MW will be offered through the public-led bidding market, with the remaining 750 MW designated for the general bidding market. According to South Korea’s Ministry of Trade, Industry and Energy (MOTIE), the competitive bidding for offshore wind will be taking place twice a year.

When will offshore wind tenders start in South Korea?

According to South Korea’s Ministry of Trade, Industry and Energy (MOTIE), the competitive bidding for offshore wind will be taking place twice a year. The floating offshore wind and onshore wind tenders are planned to be launched in the second half of this year, and the capacity offered will depend on demand and the remaining volume.

How much will South Korea's offshore wind power auction cost?

The ceiling price has been set at KRW 176,565 (USD 128.6/EUR 113.3) per MWh, the same as in last year’s auction. The capacity of the proposed bidding round is in line with South Korea’s Offshore Wind Power Competitive Bidding Roadmap, unveiled in August , and its Public-led Offshore Wind Bidding Plan released in March .

How is Korea accelerating offshore wind development?

Korea’s new administration under President Lee Jae-Myung is accelerating offshore wind development through comprehensive policy and legislative measures. A newly introduced Special Act on Offshore Wind streamlines the permitting process by shifting from a developer-led model to a government-designated zoning system.

How much offshore wind capacity will be auctioned in ?

Between the second half of and the first half of , over 7–8 GW of offshore wind capacity is scheduled to be auctioned. The initial tender under this framework took place in October , offering approximately 1.5 GW of offshore wind capacity as part of a broader 2.8 GW wind and solar solicitation.

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