South Korea Offshore Wind

South Korea is rapidly expanding its offshore wind capacity, aiming for 14 GW by 2030, up from just 200 MW deployed today. With $120 billion in projected investments over the next decade, the market offers significant opportunities for U.S. companies. South Korea’s drive to reduce dependence on Chinese suppliers, diversify its supply chain, and achieve carbon neutrality by 2050 makes it an attractive prospect for international players.

A key milestone in this expansion is the commissioning of South Korea’s first commercial-scale offshore wind farm, Jeonnam 1 (99 MW), set for this year. This will be followed by Jeonnam 2 (399 MW) and Jeonnam 3 (399 MW). Additionally, major projects like Wando Geumil (600 MW), Anma (532 MW), and Shinan Ui (390 MW) will begin construction in the coming years, further boosting South Korea’s wind power capacity.

The government’s focus on energy security and reducing reliance on Chinese components presents openings for U.S. firms specializing in turbine manufacturing, offshore construction, and grid integration. U.S. companies with advanced technologies, such as smart grid solutions, wind farm optimization, and floating wind innovations, are particularly well-positioned to enhance South Korea’s offshore wind infrastructure.

There is also strong potential for U.S. financial institutions to engage, as South Korea seeks investment for its energy projects. Joint ventures and project financing partnerships with local developers are potential pathways. South Korea’s possible entry into the Global Offshore Wind Alliance (GOWA) further highlights its openness to international collaboration, offering U.S. companies a strategic entry point.

However, U.S. firms may face challenges navigating South Korea’s complex regulatory landscape, increased competition from local companies, and pressure to maintain cost competitiveness against Chinese manufacturers.

As South Korea moves toward joining GOWA and begins operating its first commercial-scale offshore wind farms, new opportunities will emerge for U.S. companies to integrate into the country’s growing supply chain. This strategic shift not only signals South Korea’s commitment to reducing reliance on Chinese components, but also opens the door for international collaboration and investment, enhancing the overall competitiveness and sustainability of its offshore wind industry. The Ministry of Trade, Industry, and Energy (MOTIE) is expected to announce major policy decisions in 2025 that will shape the sector, positioning U.S. firms to capitalize on these developments.

For more information, please contact the U.S. Commercial Service Korea at Office.Seoul@trade.gov.