Black & Veatch unit, EIP partner to develop RE in South Korea

This is in aid of South Korea’s target of a 20% reduction in emissions by 2030.

Diode Ventures, a wholly-owned subsidiary of Black & Veatch has signed a joint venture (JV) agreement with Energy Innovation Partners (EIP) to develop large-scale renewable energy projects in South Korea. 

The joint venture will cover the full life cycle of project development for solar, wind, battery energy storage, and data centres amongst others. 

Diode Ventures and EIP partnered in attaining South Korea’s 2030-target of reducing its carbon emissions by 20%. The country also plans to become a net-zero economy by 2050. 

This, however, proves to be challenging considering 96% of energy in the country is imported. “To get there, the country will need to significantly expand its renewable energy generation portfolio,” Diode Ventures and EIP said in a statement. 

At present, the South Korean government, through its Green Growth National Strategy and Korean New Deal 2.0, invests some US$185b for its green economic growth planning.

Diode Ventures is a developer of energy and data infrastructure; whilst EIP is the leading energy investment advisory firm, focused on green energy infrastructure and power generation in South Korea.