Ørsted has signed Memoranda of Understanding on a 1.6GW offshore wind project in South Korea with South Korean utilities Korea Southern Power and Korea Midland Power, writes the Danish power company in an announcement released Friday morning CET.

Known as Incheon, the project will be built 70 km off the South Korean coast and will power 1.3 million households.

No figures feature in the press release, but the total investment for the project is ”multi-trillion won”. KRW 1trn corresponds to EUR 739m.

Ørsted’s share falls by 2.4 percent to DKK 749 at the Copenhagen stock exchange, with the top-tier OMX Copenhagen 25 index down by 2.0 percent.

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