On 30 March, the next PPA auction for offshore wind in South Korea was launched. This auction is creating route to market for existing projects allocated under the old open-door scheme.
🔹Originally planned for H2 2025
South Korea’s newly launched auction was originally planned for H2 2025, where the government planned to auction 2.5 GW of fixed-bottom capacity and 1 GW of floating capacity in 2025. However, after awarding 689 MW to public-led projects in H1 2025, the H2 2025 auction was delayed to 2026.
🔹Less capacity available could result in a highly competitive auction
This new auction is now offering less capacity than previously planned: 1000 MW for general fixed-bottom projects, 400 MW additionally to public-led projects, and 400 MW for floating projects, which could result in intense competition.
Like previous rounds, an approved Environmental Impact Assessment is the main eligibility criterion. Based on this, a total of 3.3 GW of fixed-bottom and almost 3.4 GW of floating capacity are eligible to bid as of March 2026.
🔹How aggressive would the bids need to be?
Using Aegir Quant™, Aegir Insights made an estimated strike price assessment to understand possible bid aggressiveness across all eligible projects for the launched PPA auction in South Korea, accounting for return requirements and add-on eligibility – available to our subscribing clients in a new Insights report.
Want to discuss these results or get a more detailed update on the South Korean offshore wind market?
Reach out to us here to schedule a discussion.
Want to discuss opportunities in South Korea in person?
Then catch us at WindEurope Madrid next week, 21-23 April 2026.
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