Incheon Offshore Wind Farm (Ørsted/KOEN)
Located in the Yellow Sea west of Incheon. Ørsted's only remaining Korean project after exiting other markets. KOEN partnership strengthens local content.
Status
Early Developmentlifecycle stage
ProspectiveHafrok completion outlook
Ownership
Ørsted ◇Location
South KoreaYellow Sea
Technology
Capacity
1,400 MW ◇
Turbines
—
Foundation
—
Site & conditions
Site rights
Application filed 2023-11 ◆
Water depth
6–25 m ≈
Distance from shore
70 km ◇
Wind speed
7.2 m/s @ 150 m ≈
Revenue & grid
Offtake
Other ◇
Grid
—
Schedule
FID
Not taken
COD · Hafrok
2034 expected
Delivery outlook modelled by Hafrok · calibrated on delivered projects
2034
expected year of commercial operation
Chance of delivery
≈55%
estimated chance this project reaches commercial operation
Early Development projects complete ≈61% of the time on Hafrok's record. This one sits well below that: a market with a thinner delivery record, its size and technical complexity. A secured offtake contract helps only slightly.
COD outlook
If it completes, when — Hafrok’s probability by year (teal)
| Year | Probability |
|---|---|
| 2033 | 14.2% |
| 2034 (expected) | 30.5% |
| 2035 | 24.0% |
| 2036 | 14.4% |
| 2037 | 8.0% |
| 2038 | 4.4% |
| 2039 | 2.4% |
| 2040 | 1.3% |
| 2041 | 0.8% |
How Hafrok got this date
1
No dated milestone yet
Nothing is consented or financed with a date, so the estimate starts from today (
2026), adds the time similar projects (in developing offshore-wind markets) took from consent to operation, plus an allowance for obtaining consent.2
Earliest credible date
Typical consent-to-operation time plus allowances means commercial operation before
2034 is not credible.3
Still needs an offtake award: KR-OFFSHORE-2026H2
The project has no offtake contract yet. The next visible auction is around
2026 Q4; winners typically reach final investment decision about 2 years after an award (2028 Q4), then build time on top gives 2031 Q4. The milestone timing is already later than that, so it stands.4
Result
Expected commercial operation
2034, likely range 2034–2040 (the middle half of outcomes for similar projects). With no milestone to build from, the earliest credible date is the estimate, with a deliberately wide range.5
Year-by-year chart
The bars spread that estimate across years using how similar projects actually slipped against their dates — more often late than early, which is why the bars lean right.
6
Chance of delivery — separate from timing
Start from the share of Early Development projects that went on to complete — ≈61%, measured on Hafrok's record of delivered and abandoned projects, with an allowance held back where that record cannot yet speak (projects still unresolved, changed market conditions). About three in four early-stage projects with a final outcome went on to operate — a record from an easier era. Most of today's early pipeline is still unresolved, so the estimate discounts it. Then adjust for this project's own evidence — offtake, market, size, technical complexity — to ≈55%, which rates it
Prospective on Hafrok's four-step delivery scale (Delivering · Expected · Prospective · Fragile).Project timeline verified milestones only — each date carries its provenance mark
Dashed tick marks today (13 Oct 2026).
Revenue & offtake route to market — open
No offtake secured — route to market open
Electricity Business License granted (1,600 MW original, adjusted to 1,400 MW March 2025) ◇
The routes describe what exists in this market — not a prediction of which the project will take. Timing math for the auction gate lives in the delivery outlook above.
Next visible round · from the auction calendar
South Korea 2026 H2 Offshore Wind Auction ◇
MCEE's ten-year roadmap (2026-06-30) schedules 1.7-3.0 GW for 2026 H2 — fixed 1.3-2.0 GW, floating 0.4-1.0 GW. No 공고 date published as of 2026-08-26; the ministry began collecting military-operability consultation requests for H2 bidders from April 2026.
Installation how the build is going · from sourced statements and Hafrok’s registers
Installation not started
Installation · on record
StageEarly Development
Offshore constructionnot started
Expected start of operationnot stated
Sources & verification
Rests on 10 sources (2 primary) · ◆ 3 documents held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Operator2
[5]
Ørsted Korea2026-02-23◆ Orsted Korea newsroom release 2026-02-23…
“Located approx. 70 km off the coast of Incheon, Korea, the project is licensed for 1.4 GW; (Incheon Offshore Wind 1: 800MW, Incheon Offshore Wind 2: 600MW). The project is progressing through environm…”
supportsdeveloper
[11]
Incheon Metropolitan City (인천광역시)2024-02-28◆ 인천시, 오스테드와 해상풍력산업 기반 구축에 협력
“오스테드는 지난해 11월 인천해역과 인근 배타적경제수역(EEZ)에서 1.6GW 규모의 인천 해상풍력 1호,2호 발전 사업 허가를 받았다.”
supportsConsentSite rightsConsent applied
Auction pipeline1
[12]
기후에너지환경부 (MCEE), via 대한민국 정책브리핑 (korea.kr)2026-06-30◆ kr-mcee-roadmap-2026
Roadmap table, 2026 H2 column: 경쟁입찰 물량 1.7~3.0 GW (고정식 1.3~2.0, 부유식 0.4~1.0). "RPS 제도 일몰('27.1.1.)에 따라 '27년 이후 입찰에 대한 세부 운영 방식 및 선정 프로세스 구체화 필요 ('26년 하반기 중)."
supportsSouth Korea 2026 H2 Offshore Wind Auction
Trade press6
[2]
Offshore Wind Biz2025-09-29
Press report — cited, not quoted; read it at the source link.
supportsTotal capacity
[6]
[7]
Offshore Wind Biz2025
Press report — cited, not quoted; read it at the source link.
supportsTotal capacityDistance from shore
[8]
[9]
windfair (Ørsted press release)
Press report — cited, not quoted; read it at the source link.
supportsMechanismDetailOfftake history
[10]
Unverified import1
[1]
unknown
Press report — cited, not quoted; read it at the source link.
supportsTotal capacityWater depthDistance from shoreCoordinates