Lee Jae-myung has won the South Korean presidency and plans to accelerate growth of renewable energy and move away from nuclear. But how will his policies change from the priorities of controversial predecessor Yoon Suk Yeol?
Stability may now return to South Korea and offshore wind could be a beneficiary.
On Tuesday (3rd June), Lee Jae-myung from the Democratic Party of Korea won the Asian country’s snap presidential election. The election was called after the ill-fated move by predecessor Yoon Suk Yeol to impose martial law on 3rd December.
Yoon said he was imposing martial law to limit the influence of Lee’s opposition, which has said was being influenced by “anti-state forces” including North Korea. This move sparked fierce opposition from parliament, the public and the military. Yoon cancelled the martial law order after six hours but the damage was already done, and he was impeached one week later.
Yoon’s removal was upheld by a constitutional court on 4th April, which led to this week’s election that Lee has won. But what can those in the wind industry expect under the new president?
South Korea’s energy priorities broadly align with those of other developed nations.
First, it is working to decarbonise its energy mix with a target of carbon neutrality by 2050. It has been doing this by shutting down coal-fired power plants and using gas as a short-term bridge; moving to grow renewables capacity, including through auctions for solar and wind projects; and supporting nuclear. But these priorities are likely to change under the incoming Lee administration.
Second, South Korea is looking to increase overall energy generation to position itself for the growth of artificial intelligence (AI). In December 2024, the country passed laws in the AI Basic Act that set out how it can use AI to improve public life in South Korea while also protecting public safety. The laws are due to come into force in January 2026, and they complement moves to invest in data centres and other AI infrastructure. This will lead to increased electricity demand, including from solar and wind farms.
New energy agenda
Lee indicated during his presidential campaign that he will support the continued expansion of renewables. He has pledged to phase out coal-fired power generation by 2040, cut the country’s reliance on natural gas, and expressed his scepticism about relying on the expansion of nuclear power long-term.
He said he wants to keep nuclear power “for the time being” but said South Korea should make a long-term transition to renewables.
Lee has also unveiled plans to invest in the supporting infrastructure to underpin new renewable energy generation. In April, Lee announced a planned “energy highway” down the west coast of South Korea that could deliver electricity from 20GW of renewables projects, including offshore wind farms, to industrial zones.
After this, the network would be expanded by 2040 to connect the grids of Honam and Yeongnam; and add a transmission link down the east coast of South Korea.
This shows the new president wants to put in place the infrastructure needed to support growth in industries that are emerging in South Korea, including offshore wind, and not simply new generation projects themselves. But wind farms have so far made up only a small proportion (6%) of the country’s overall energy mix.
According to the International Renewable Energy Agency (IRENA), South Korea had 33.8GW of installed renewables capacity at the end of 2024, which is up from 17.6GW five years earlier. That included 26.6GW of solar, 2.2GW of onshore wind and just 136MW of offshore wind at the end of 2024, although the offshore wind figure has since grown to almost 250MW.
This increase is because S&K Innovation E&S and Copenhagen Infrastructure Partners last month completed their 96MW Jeonnam 1 offshore wind farm, which they have developed in a 51:49 joint venture. This is the first privately-led utility-scale offshore wind farm commissioned in South Korea, and is located in the waters off the coast of Shinan county.
The successful delivery of Jeonnam 1 could also pave the way for larger projects. In August 2024, South Korea set a roadmap to support development of up to 8GW of offshore wind farms by the end of June 2026; and, in February 2025, its legislature approved an offshore wind bill to support its goal of installing 14.3GW of offshore wind projects this decade. Its longer-term goal is to grow South Korea’s offshore wind capacity to 40.7GW in 2038.
It is doing this through a series of tenders that have continued despite the upheaval of the last six months.
In December 2024, the government awarded support for 1.4GW of fixed-bottom projects – the 532MW Anma project by Equis; the 500MW Taean by Vena Energy and CIP; and the 104MW Yeonggwang Yawol by Daehan Green Energy – and the 750MW Firefly / Bandibuli floating wind project by Equinor.
The government has also committed to award support for 1.25GW of offshore wind and 1GW of solar farms in the coming months; and anticipates backing to between 2GW and 3GW of fixed-bottom and floating wind projects in the first half of 2026.
With its new offshore wind laws, South Korea has moved away from the previous ‘open door’ system where developers brought forward projects on their chosen sites and towards a more structured tendering system where the government picks sites.
There has been no shortage of interest from offshore wind developers either.
In late 2024, the country had a reported 116 projects totalling 44GW in development, including giants such as the 6GW Ulsan floating cluster, the 2.5GW SouthWest cluster, and the 2GW BadaEnergy cluster. But with offshore wind developers facing rising costs and development challenges in the global market, Lee’s apparent enthusiasm for offshore wind may yet suffer a reality check.
Overall, South Korea is looking to increase the proportion of renewables in the energy mix from around 10% now to over 30% by 2030. Its government is also looking to reverse the nation’s reputation for weak climate targets compared to similar countries worldwide and step up its progress on decarbonisation.
We expect more information from Lee on his plans in the days and weeks ahead. if the past was about martial law, the future could be about marshalling the country’s energy resources.
Strategic communications, insight and events for the global energy transition.