Orsted wins licence for South Korea offshore wind project

OSLO (Reuters) - Denmark's Orsted said on Thursday it has been granted a 1.6 gigawatt (GW) electricity business licence (EBL) in South Korea for an offshore wind project located 70 km (43 miles) off the coast of Incheon City.

Subject to a final investment decision, the project is expected to be South Korea's largest offshore wind project when completed in the early 2030s, Orsted said.

The project will support Incheon's net-zero carbon emissions goal with a capacity to provide renewable energy to over a million households while reducing the emissions by some 4 million tonnes annually, the company said in a statement.

Before development can take place, Orsted must complete environmental impact assessments, site investigations, and preparations for participating in South Korea's annual fixed-price wind auction, it added.

(Reporting by Terje Solsvik; Editing by Christopher Cushing and Anna Ringstrom)