Equis Development has secured a 20-year fixed-price power and REC ( renewable energy certificate ) offtake for Anma Offshore Wind, a 532-megawatt fixed-bottom offshore wind project in South Korea.

On December 19 2024, Anma was announced as a winner of the Korean government’s 2024 fixed-price wind offtake auction held by the Ministry of Trade, Industry and Energy. The auction sought to award 1.5 gigawatts of offshore wind capacity, split out across 1GW for fixed-bottom and 500MW for floating projects.

Within the fixed-bottom segment, six projects totalling 1.7GW of capacity are known to have participated in the auction. Anma is expected to execute the official offtake agreement by February 2025.

Located 5 kilometres west of Anma Island, Yeonggwang-gun, Jeollanam-do, Anma is one of the largest and most advanced offshore wind projects being developed in Korea and is expected to generate over 1,400GW-hours of electricity annually, providing power for 1.4 million people.

The project will utilize Siemens Gamesa’s 14MW turbines and has secured a competitive multi-contracting procurement strategy with leading domestic and international suppliers.

Equis, backed by investments totalling US$ 1.25 billion from Abu Dhabi Investment Authority and Ontario Teachers’ Pension Plan, is a developer and operator of renewable energy and waste infrastructure across the Asia-Pacific region, with more than 250 projects developed to date.

It acts as the lead investor and developer behind Anma alongside CS Wind, DaeMyoung Energy, DaeMyoung GEC, and IBK Asset Management.

“We are proud to achieve this important milestone for Anma,” says Sung Woo Yang, managing director and country head of Korea for Equis. “The project is at an advanced stage of development and with the offtake secured, will be targeting to receive project financing and begin construction in the first half of 2025.”

Under its offshore wind roadmap, the Korean government plans to establish 18.3GW of domestic wind power capacity by 2030 and to procure 7-8GW of offshore wind capacity via competitive auctions from 2024 to 2026. This is in line with the government’s broader goal of increasing the share of carbon-free energy to 53% of its total energy generation by 2030.