South Korea
South Korea was one of the first countries in Asia-Pacific to adopt a national target to reach carbon neutrality by 2050.
Energising Korea with offshore wind
Corio Generation is developing around 3.2 GW of offshore wind projects in South Korea across two portfolios: the BadaEnergy portfolio and the Busan portfolio.
Corio 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.
Read more about these projects below.
South Korea news
Our People
Make it Possible
At Corio Generation, our extraordinary team is determined to make a positive impact in bringing offshore wind power to the Asia-Pacific region.
Busan Portfolio
The portfolio aims to supply clean energy to Busan Metropolitan City, a market with heavy electricity consumption and strong grid capacity. The portfolio includes four offshore wind projects – Cheongsapo, Saha, Dadaepo, and Gijang.
The Cheongsapo (40 MW) project received its Electricity Business Licence in 2017, and signed its grid connection agreement with KEPCO in 2018.
The Dadaepo (96 MW) project received its Electricity Business Licence in 2020 and signed its grid connection agreement with KEPCO in 2021.
The Gijang (208 MW) and Saha (306MW) projects are in the process of securing acceptance from stakeholders for the obtainment of Electricity Business Licences.
“In order to support Korea’s ambition to lead the way in offshore wind, we will have a dedicated focus on the localisation of capital, finance and technology.”
Woojin Choi
Head of South Korea, Corio Generation
BadaEnergy
BadaEnergy is a joint venture being developed by Corio Generation, TotalEnergies, and SK ecoplant to build offshore wind projects in South Korea.
The Gray Whale project signed its grid connection agreement with KEPCO in 2024 after receiving its Electricity Business Licenses for Gray Whale 2 and 3 wind farms in 2021, and Gray Whale 1 wind farm in 2022.
The Geomundo (500 MW) fixed-bottom project received its EBL in 2022, while the Maenggoldo (600 MW) fixed-bottom project obtained its EBL in 2023.
Determined to make a positive impact
As one of the world’s leading offshore wind developers, Corio Generation is expertly placed to support the energy transition in South Korea.
Bringing together a sector-leading team of industrial, finance, development and asset management experts, Corio has one of the largest offshore wind development portfolios. Read more.
Corio Generation is a portfolio company of Macquarie Asset Management operating on a standalone basis.
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