South Korea launches a new tender for 2200 MW of offshore wind power, reaching 4 GW tendered by 2026

South Korea announced a new tender for approximately 2200 MW of offshore wind power for the second half of 2026 , which will raise the total capacity tendered during the year to 4000 MW, consolidating one of the country's biggest bets on the development of this technology.

The call for tenders, published on October 30 by the Ministry of Climate, Energy and Environment through the Korea Energy Agency, contemplates fixed-price electricity supply contracts and establishes differentiated conditions for fixed-foundation and floating offshore wind projects.

Of the 2,200 MW planned, 1,700 MW correspond to fixed foundation installations, while another 500 MW will be reserved for floating wind farms, a technology that the Government seeks to promote by strengthening local industrial and manufacturing capacities.

The new tender adds to the approximately 1,800 MW called for during the first half of the year, bringing the annual volume to a scale that, according to the authorities, is comparable to that of the main international offshore wind markets.

The announcement also introduces a relevant signal for developers: South Korea will expand the volumes tendered while reducing maximum contract prices, with the aim of promoting greater competition and gradually lowering generation costs.

How will the 2,200 MW of the new tender be distributed?

The call is structured in three competitive segments, designed to incorporate different models of development and institutional participation.

The largest block corresponds to 1400 MW of fixed-foundation offshore wind power under the general scheme, intended for projects that compete for fixed-price contracts.

This segment will be complemented by 300 MW reserved for projects with public participation, in which state institutions must maintain a minimum shareholding, with the purpose of improving the execution of the initiatives, favoring the acceptance of the communities and promoting the incorporation of national suppliers.

On the other hand, the 500 MW allocated to floating wind power will have a separate bidding process. This segment aims to consolidate a specialized supply chain, leveraging South Korea's capabilities in industrial manufacturing and shipbuilding.

The allocation is especially significant because floating wind power allows for the development of parks in deeper maritime areas, where traditional foundations can present greater technical and economic difficulties.

Lower maximum prices: how much can projects bid?

One of the main changes in this call for tenders is the reduction of the maximum prices allowed for bids.

For fixed foundation projects, the limit will be 168,937 South Korean won per MWh, while floating initiatives will have a maximum price of 174,003 won per MWh, taking the connection to the mainland grid as a reference.

In both cases, the authorities also set slightly lower values for projects linked to the electricity grid on Jeju Island.

Compared to the first half of 2026, these prices represent a reduction of 1.34% for fixed-foundation wind power and 0.63% for floating technology.

The Government explained that the adjustments respond to the expected evolution of the levelized cost of energy (LCOE), exchange rate variations and the competitive conditions observed in the market.

In this way, the strategy aims to generate economies of scale through higher contracting volumes, without abandoning the objective of improving the economic competitiveness of future projects.

Supply chain, networks and social acceptance: the factors that will define the awards

Beyond the economic component, the selection of projects will take into account criteria related to community acceptance, industrial impact, the development of national suppliers, and operation and maintenance capabilities.

Aspects related to the safety and resilience of the facilities, as well as their integration into the electrical system, will also be considered.

This approach seeks to ensure that the expansion of offshore wind energy generates economic and industrial benefits within the country, especially through the incorporation of local companies in the manufacture of components, construction of infrastructure and provision of specialized services.

In parallel, the Government anticipated measures to expand shared electricity connection facilities, strengthen port and maritime infrastructure, and facilitate permitting and financing processes.

These actions will be relevant to transforming the capacity called into projects that are actually built, especially in a segment that requires large initial investments and complex coordination between developers, electric operators and authorities.

The new call for applications is part of a broader expansion strategy.

In June 2026, the authorities presented a roadmap for offshore wind tenders for the period 2026-2035, which contemplates approximately 55 GW of capacity to be tendered over the next decade.

The plan aims to offer greater predictability to investors through recurring calls for tenders of at least 4 GW annually and to move towards a cumulative offshore wind capacity of 25 GW by 2035. The government is also considering extending the duration of fixed-price contracts from 20 to 25 years in future tenders, a change that could facilitate project financing and extend investment recovery periods.

When will the winners be announced?

According to the schedule released for this second call, the application period will run from October 30 to December 10, 2026, while the award announcements are expected to begin in December.

The process will allow us to gauge developers' interest in the new capacity blocks, especially the 500 MW reserved for floating wind power and fixed foundation projects with public participation.

The recent history shows significant competitive activity. In the first tender of 2026, nine projects totaling 3,656 MW submitted bids, and five initiatives, totaling 1,786 MW, were selected, according to the official results published in June.