INCHEON — Incheon's Yeonghung offshore wind energy complex will receive its designation decision by March 26, potentially becoming the nation's first public-led offshore wind project.
The city applied for renewable energy complex designation to the Ministry of Climate, Energy and Environment in October last year, according to city officials on Tuesday. The project scored above 80 points in the business plan evaluation and currently awaits deliberation by the Renewable Energy Policy Council. The decision must be finalized before the Special Act on Offshore Wind Power Promotion and Industry Development takes effect on March 26.
Once designated, the complex will be the first to apply a public-led profit-sharing model. The city plans to select project operators through public bidding under a structure where the public sector leads and private companies participate. A resident profit-sharing community value enhancement program will also distribute benefits to local communities.
The city will develop the complex in connection with the Yeonghung Future Energy Park and advanced industrial complex. The plan aims to support a soft landing for the regional economy as Yeonghung thermal power plant undergoes phased conversion, while establishing a carbon-neutral energy transition hub. Key projects include creating the Yeonghung Future Energy Park, building an advanced industrial complex featuring data centers, fuel cells, R&D centers and offshore wind support facilities, and expanding transportation infrastructure.
Last year, the city signed a joint preliminary survey agreement with 11 organizations including Ongjin County and Korea South-East Power Co. Starting this month, a comprehensive feasibility study will analyze project costs and investment attraction strategies.
Incheon Port will serve as a core hub, providing one-stop infrastructure for offshore wind installation, operation and maintenance. The city plans to eventually build an offshore wind support wharf linked to the Future Energy Park.
The project has a solid funding base. The city has secured stable returns from energy sector investments—a 2.7 billion won investment in Korea Gas Corporation has yielded 13.6 billion won in dividends, a cumulative return of 510%. Its 31.7 billion won investment in Incheon General Energy has returned 13.4 billion won, a 42% cumulative return. The city plans to reinvest these dividends into building its future energy ecosystem.
"Incheon's future energy ecosystem creation achieves both regional economic revitalization and energy sovereignty," said Lee Nam-ju, director of Incheon's Future Industries Bureau. "Through our public-led model that shares profits with residents, we will set a new standard for Korea's renewable energy policy."
