Deep Wind Offshore has reached a key milestone in South Korea with the Admiral Lee Offshore Wind Project securing its first Electricity Business License. The approval marks a major step forward for the project and highlights the strength of collaboration between domestic and international companies in the country’s growing offshore wind sector.
The Admiral Lee Offshore Wind Project, developed by Deep Wind Offshore, has received its first Electricity Business License (EBL), with an installed capacity of 345 MW from Korea’s Electricity Regulatory Commission under the Ministry of Trade, Industry and Energy (MOTIE). With this milestone, planned to be the first of several EBL’s, the large-scale project off the coast of Yeosu, Jeollanam-do enters the next development phase.
The project is emerging as a leading example of public-private cooperation. Admiral Lee is being developed based on a partnership signed in 2025 between Deep Wind Offshore and Korea’s largest power producer Korea Hydro & Nuclear Power (KHNP), combining international offshore wind expertise with strong domestic capabilities in executing and operating major energy infrastructure projects.
“Securing the EBL is a major step forward – not only for the Admiral Lee project, but for Deep Wind Offshore’s long-term presence in Korea and our path towards realizing the project together with strong local partners. We firmly believe in the potential of the Korean offshore wind market and its strong leadership from central government to turn ambitions into projects. It is a testament to the strength of true partnerships built on mutual respect and shared ambitions,” said Knut Vassbotn, CEO of Deep Wind Offshore.
The EBL follows the earlier approval of the Public Water Surface Occupancy and Use Permit (PWOP) in December 2024. With both key development consents secured, the project will now proceed with the Environmental Impact Assessment (EIA) and Implementation Plan Approval and will target participation in upcoming centrally run REC/PPA auctions thereafter.
Additionally, based on high-resolution integrated wind data collected through the floating LiDAR installed in May 2025, the project area is planned to be expanded, along with an increase in total generation capacity of more than 1 GW.
“By building a development model that ensures both local acceptance and technical reliability through our strategic partnership with KHNP, we aim to make a substantial contribution to the growth of Korea’s offshore wind ecosystem,” said Myoung-won Kang, Representative Director of Deep Wind Offshore Korea.
About Deep Wind Offshore
Deep Wind Offshore is an international developer and owner of offshore wind projects, headquartered in Norway and with presence in South Korea, Estonia, Sweden, and Chile. Backed by strong industrial and financial owners in Knutsen Group, Octopus Energy, Haugaland Kraft, and Sunnhordland Kraftlag, the Company develops a pipeline of more than 10 GW, including 4 GW under exclusive development.
For more information, please contact:
Anders Bäccman, Communication Manager
anders.baccman@deepwindoffshore.com
+46 707 86 55 69
