Green energy solutions provider Vena Energy has announced a Won292.89bn ($200m) investment in South Korea’s renewable energy sector.
This investment is directed towards the Yokji Offshore Wind Project in South Gyeongsang Province and aims to accelerate the country’s shift to renewable energy and support its energy independence.
Go deeper with GlobalData
The project, with a planned capacity of 384MW, is expected to play a pivotal role in diversifying South Korea’s energy mix.
By increasing the share of locally generated energy, the project will reduce reliance on imported fossil fuels, contributing to the country’s long-term energy security and carbon neutrality goals.
Vena Energy said the South Korean Government has welcomed its investment.
It added that it aims to build partnerships with local communities, fisheries, and suppliers to ensure the project delivers economic and social benefits.
The company added that the Yokji Offshore Wind Project is currently assessing its industrial contributions to the local supply chain while seeking ways to coexist with local fishermen.
Vena Energy CEO Nitin Apte said: “Our investment in South Korea underscores our commitment to supporting the country’s energy transition and independence.
“By expanding our renewable energy projects and strengthening local partnerships, we aim to contribute to a more sustainable and resilient energy future.”
In addition to the Yokji Offshore Wind Project, Vena Energy has developed another offshore wind project in South Korea.
The 500MW Taean Offshore Wind Project, awarded in the 2024 auction, is expected to begin construction by the end of 2026 in partnership with Copenhagen Infrastructure Partners.
Upon completion, the project is anticipated to generate enough electricity to power approximately 300,000 homes annually.
