Floating offshore wind, which enables power generation in deep offshore waters, is emerging as a new alternative. Korea’s floating offshore wind projects, including the Haewoori project, are large scale developments drawing global attention. By participating in this market, CIP and COP expect momentum as the sector enters a phase of full-scale expansion.
[Hankyung ESG] Global Leader
Richard Copeland, Global Head of Floating Wind, Copenhagen Offshore Partners (COP)
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The global offshore wind market is entering an expansion phase, shifting from fixed bottom to floating technologies. Approximately 80 percent of global sea areas have water depths exceeding 60 meters, making floating offshore wind an attractive alternative capable of generating power in deep offshore waters.
Against this backdrop, Copenhagen Infrastructure Partners (CIP) and its group company Copenhagen Offshore Partners (COP) are focusing on the Haewoori Floating Offshore Wind project being developed off the coast of Ulsan, Korea. The Haewoori 1, 2, and 3 projects, with a total capacity of 1.5 GW, have the potential to become one of the world’s largest floating offshore wind complexes and represent a critical turning point for Korea to emerge as a leading country in the global floating offshore wind market.
We met with Richard Copeland, Head of Floating Offshore Wind at COP, via a Zoom meeting to discuss the prospects and potential for expanding floating offshore wind in Korea. He emphasized that “floating offshore wind is at a very important stage for market scale expansion” and added that “the CIP Group is a well prepared partner for Korea, with extensive experience in offshore wind projects.”
- What are the global trends in floating offshore wind?
“Approximately 80 percent of the world’s sea areas have water depths exceeding 60 meters, and only about 20 percent are suitable for the installation of fixed bottom offshore wind, which is applicable in waters shallower than 60 meters. Considering these marine conditions, the global potential for floating offshore wind is extremely significant. In addition, due to physical and geopolitical constraints, there is a growing number of regions where fixed bottom offshore wind is difficult to deploy. Therefore, the offshore wind market is likely to shift toward floating technologies in the mid to long term. Floating offshore wind is regarded as an essential option for achieving net zero targets, strengthening national energy security, and ensuring a stable supply of GW-scale commercial power generation.
At present, the global floating offshore wind market remains at an early stage. Cumulative installed and developed capacity worldwide amounts to only around 300 MW. Countries that take the lead in floating offshore wind will be able to secure supply chain advantages. Looking ahead, more active policy support and investment at both the corporate and government levels will be required, and expanding the market scale through such efforts will be a key challenge.”
- What is CIP’s role in floating offshore wind?
“CIP and COP are an investment developer and offshore wind developer with a global offshore wind portfolio totalling 50 GW, and they occupy a pioneering position in the offshore wind sector. This capability is underpinned by proven experience, including the successful completion of large-scale projects such as Jeonnam Offshore Wind 1 in Korea, as well as a strong track record of continuously delivering offshore wind projects under diverse marine environments and conditions worldwide. Through project experience applying various foundation types such as monopiles (single tubular steel structures) and jackets (frame structures connecting three to four legs in a lattice configuration) across different water depths and offshore conditions, CIP and COP have built development and construction capabilities for offshore wind projects with high technical complexity. We believe these achievements demonstrate that technological innovation and the ability to execute challenging projects are the core competitive strengths of the CIP and COP offshore wind portfolio.”
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- What is CIP’s track record in floating offshore wind?
“Currently, floating offshore wind projects under development by CIP and COP worldwide amount to approximately 8 GW and are being advanced in multiple countries, including Korea, Italy, the United Kingdom, and the United States. In particular, the Pentland floating offshore wind project located in northern Scotland is undertaking the design of what will be the world’s largest floating offshore wind substructure. The design can support 18 MW class turbines, and research and development is being carried out in collaboration with Stiesdal, a Danish company specializing in offshore wind substructure design, and Welcon, a global company specializing in the fabrication of offshore wind substructures. Through this technology, the project is expected to achieve significant cost reductions.”
- What kind of project is the Pentland floating offshore wind project in the United Kingdom?
“The Pentland floating offshore wind project is an approximately 100 MW floating offshore wind project located in northern Scotland. Key technical reviews, including grid connection and seabed and geotechnical surveys, have been completed, and the project has participated in a government tender and is currently awaiting the results. The tender results are scheduled to be announced in January 2026. Another key feature of the Pentland floating offshore wind project is public sector participation. The project has secured equity participation and financing from UK public investment institutions, including the National Wealth Fund (NWF), Great British Energy (GBE), and the Scottish National Investment Bank (SNIB). Each institution holds an option to invest up to GBP 50 million. In offshore wind projects, approximately 20 to 30 percent of total project costs are typically financed through equity, with the remainder covered by external financing. The participation of government backed public financial institutions in the equity tranche significantly enhances project predictability and credibility and is also beneficial in subsequent financing stages.”
- What impact does floating offshore wind have on the marine ecosystem?
“Floating offshore wind is subject to the same level of stringent Environmental Impact Assessment (EIA) standards as fixed bottom offshore wind. CIP and COP maintain their own ESG guidelines aligned with global standards, and all projects undergo rigorous environmental impact assessments in accordance with these guidelines. In fact, environmental monitoring results from offshore wind farms that are already installed and in operation, particularly demonstration projects, have generally received positive evaluations. CIP and COP conduct environmental impact assessments over a five-year period, and even after installation, post assessments are carried out with long term monitoring and management of changes to the marine environment and ecosystem. In the case of the Pentland floating offshore wind project, consultations on the Environmental Impact Assessment have already been completed, but environmental impact surveys will continue going forward.”
▲Floating offshore wind model being researched by Copenhagen Offshore Partners (COP) in collaboration with Stiesdal. Photo courtesy of COP.
- How do you assess the potential for floating offshore wind in Korea?
“In addition to the geographical advantage of deep waters along the east coast, Korea possesses world class manufacturing and heavy industry competitiveness. This creates a favourable environment for collaboration across various offshore wind sectors, including floating offshore wind substructures. In Korea, fixed bottom offshore wind has been actively developed, particularly in the West Sea where water depths are relatively shallow, and the country already has a well-developed heavy industry base and supply chain network, which is a significant strength. In contrast, when Taiwan entered the market in 2017, it had virtually no supply chain foundation, requiring developers to build the supply chain ecosystem from scratch. Korea is therefore in a much more advantageous position with its existing industrial base. As floating offshore wind projects are progressing rapidly in countries such as the United Kingdom, Norway, and France, Korea is also expected to be able to play a leading role in floating offshore wind by effectively leveraging these strengths. As seen in overseas cases, economies of scale in fixed bottom offshore wind directly contribute to reductions in LCOE through standardization and mass production.”
- How do you view the commitment of the Korean government?
“The government’s recently announced plans to expand offshore wind infrastructure and deployment can be interpreted as a signal that a certain level of policy guidance for floating offshore wind is now taking shape, unlike in the past, and we view this direction very positively. In particular, the targets presented of approximately 10.5 GW of deployment and construction by 2030 and 25 GW of deployment by 2035 send a very strong signal to the market and the industry. As seen in the UK case, the role of government extends beyond regulation and policy design to include direct project support, port infrastructure development, securing installation vessels, and supply chain support through various policy and financial measures to underpin the industry. Once confidence in the industry and initial momentum are established through such support, the market and industry are likely to grow much more rapidly.”
- Why is CIP focusing on the Haewoori offshore wind project?
“The Haewoori offshore wind 1, 2, and 3 projects are considered the first large scale floating offshore wind projects for CIP and COP at this point in time. Considering the planned completion timeline, these projects are expected to become the world’s largest floating offshore wind power complex, which holds significant importance not only for Korea but also at the global level. CIP and COP have completed the process of obtaining the Electricity Business License and final consultations on the Environmental Impact Assessment for the Haewoori offshore wind project and are currently awaiting upcoming tenders. By advancing the Haewoori offshore wind project based on the capabilities, experience, and industrial contributions accumulated through floating offshore wind projects pursued by CIP and COP worldwide, we believe this project can demonstrate the potential to contribute to the development of Korea’s offshore wind industry, the achievement of carbon neutrality goals, and the strengthening of energy security.”
- What differentiates CIP and COP in the Haewoori Offshore Wind Project tender?
“CIP and COP are the world’s largest greenfield renewable energy investment and development platforms and specialized developers with extensive experience delivering offshore wind projects globally. Since the early days when the design and construction of the world’s first offshore wind farms began, teams of offshore wind experts with 20 to 30 years of industry experience have played a leading role, bringing deep understanding and proven execution capabilities across the entire project lifecycle—from investment and development to design, construction, and commissioning. In addition, CIP and COP are partners with a long-term commitment to the Korean offshore wind market and a track record of tangible contributions. Through the Jeonnam Offshore Wind Power Phase 1 project, they have already contributed to the development of Korea’s offshore wind industry.”
- Why are large-scale floating offshore wind farms important?
“At present, neither Korea nor the global market has a clear, proven success case of large-scale floating offshore wind. For this reason, the successful completion and commissioning of the Haewoori Offshore Wind Project would serve as a critical starting point for future market expansion. Floating offshore wind not only enables large-scale power generation in deeper waters but also represents a major opportunity for Korea to emerge as a leading country in the global floating offshore wind market, which is expected to grow rapidly in the coming years. In particular, the Ulsan region is being developed as one of the world’s most prominent large-scale floating offshore wind clusters. It is therefore essential that projects implemented in this region establish successful precedents. As such precedents accumulate, the floating offshore wind market—both in Korea and globally—can move into a phase of full-scale expansion.”
- What level of readiness is in place for the Haewoori Offshore Wind Project?
“For CIP, the Haewoori Offshore Wind Project is fully prepared to move into the next stage, having completed key permitting and approval processes. It is a project that can participate immediately once the tender is launched. While further discussions with the government will of course be necessary, the fact that this is a ‘ready-to-go project’ represents a significant competitive advantage. Ultimately, the most critical step is for the project to reach final investment decision and enter the construction phase, where development can proceed in earnest. With an already established and connected supply chain and industrial structure, the project is well positioned to serve as a major catalyst in the expansion of the floating offshore wind market.”
- How do you view the potential for LCOE reduction as offshore wind farms scale up?
“If technological innovation and industrialization are fully realized through projects such as the Haewoori Offshore Wind Project, the LCOE of floating offshore wind can be reduced to a meaningful extent. For example, if key components such as mooring lines and anchors, which are used to connect floaters and substructures, are standardized and industrialized, and if optimized design models are established on a project-by-project basis, LCOE is expected to decline step by step as more projects are accumulated. In some cases, cost-reduction effects could become visible at a relatively early stage. These expectations assume that large-scale floating offshore wind farms currently being pursued in the Ulsan region, including the Haewoori Offshore Wind Project, successfully enter the commercialization phase. Looking at European precedents, as multiple floating offshore wind projects progress through development and construction globally, there is strong potential for a significant overall reduction in LCOE to be driven by this cumulative experience.”
- Finally, what message would you like to share?
“Haewoori Offshore Wind is already a well-prepared floating offshore wind project. CIP and COP together have an offshore wind pipeline of approximately 50 GW worldwide, with extensive experience in developing and delivering both fixed-bottom and floating offshore wind projects across multiple countries. I would also like to emphasize that we are a developer with proven capabilities in successfully advancing floating offshore wind projects both in Korea and internationally, supported by a deep pool of experienced professionals and strong technical and commercial know-how. In Korea, the Haewoori Offshore Wind Project has already made substantial progress across key permitting and approval processes, and internal support systems and preparations to carry the project through to completion are being implemented in a structured and systematic manner. By working in synergy with the government’s policy direction, we aim to make a tangible contribution to Korea’s energy transition and the achievement of its net-zero goals.”
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