Corio Generation welcomes South Korea’s Offshore Wind Special Act
· Landmark legislation will accelerate offshore wind development by streamlining permitting and consenting processes.
· “The Offshore Wind Special Act is a significant milestone that will ensure the orderly and efficient expansion of offshore wind power” - Corio’s Woojin Choi
Corio Generation welcomes the enactment of South Korea’s Offshore Wind Special Act. Passed by the National Assembly on 27 February 2025, this landmark legislation is designed to accelerate offshore wind development by streamlining permitting and consenting processes. This is expected to drive the expansion of offshore wind projects and strengthen related industries across the country.
The new Act enables the government to expand offshore wind power by identifying potential offshore wind sites and conducting competitive tenders to select developers responsible for finalising development, construction and operation. Additionally, it consolidates 29 permitting and consenting procedures into a single administrative office, addressing long-standing concerns among developers and investors regarding complex regulatory processes previously hindering project development in South Korea.
Corio Generation is developing offshore wind projects in Busan, Ulsan, and South Jeolla Province in collaboration with its partners, local companies and public power generation corporations. With the Act now in place, Corio is well-positioned to accelerate its existing projects and proactively participate in new government-led initiatives.
Woojin Choi, Head of South Korea at Corio Generation, said: “We appreciate the government’s long-term commitment to offshore wind development and coordinating diverse stakeholder interests. The Offshore Wind Special Act is a significant milestone that will ensure the orderly and efficient expansion of offshore wind power, playing a crucial role in South Korea’s decarbonisation journey.”
Corio’s projects in South Korea
Corio is developing around 3.2 GW of offshore wind projects in South Korea across two portfolios: the BadaEnergy portfolio and the Busan portfolio. The company has an established local Korean team of industry leading experts developing these offshore wind projects.
Busan
Corio’s Busan portfolio consists of a series of near-shore, fixed-bottom offshore wind projects that can be deployed by 2030.
The portfolio includes four offshore wind projects — Dadaepo, Saha, Cheongsapo, and Gijang — and aims to supply clean energy to Busan Metropolitan City, a market with high electricity consumption and strong grid capacity.
BadaEnergy
In addition, the BadaEnergy portfolio, a separate joint venture of Corio, Total Energies and SK Ecoplant, plans to develop two fixed-bottom and three floating wind farms off the coast of Ulsan and South Jeolla province.
This comprises the Gray Whale, Maenggoldo and Geomundo offshore wind projects. The 1.5 GW Gray Whale project, comprising three individual wind farms, is expected to become one of the world’s largest floating offshore wind developments. Learn more about our projects in South Korea at https://www.coriogeneration.com/southkorea.
About Corio Generation
Corio Generation is a specialist offshore wind business dedicated to harnessing renewable energy worldwide. With a unique blend of sector-leading expertise and deep access to long-term capital, we work closely with our partners in the creation and management of projects from origination, development and construction, and into operations.
Headquartered in London, UK, Corio Generation is developing next-generation offshore wind projects across Europe, Asia-Pacific and the Americas. Our project portfolio spans established and emerging markets, as well as innovative fixed-foundation and floating technologies. These cutting-edge offshore wind farms will help form the backbone of the net-zero global energy system while meeting the energy needs of communities and corporate offtakers sustainably, reliably, safely and responsibly.
Corio Generation is a portfolio company of Macquarie Asset Management operating on a standalone basis. For more information visit coriogeneration.com.