Singapore's Vena commits $669m to green energy projects in South Korea

Projects will concentrate on Taean County in South Korea.

Vena Group has signed a $669m (KRW1t) memorandum of understanding (MoU) with Chungcheongnam-do and Taean County to develop utility-scale green energy projects in the province, focusing on Taean.

Under the MoU, Vena Group will invest about $669m by 2030 to develop large-scale green energy projects, including offshore wind. The investment is expected to strengthen South Korea’s clean energy supply chain and support the province’s transition toward carbon neutrality.

Local governments will support permitting and regulatory processes.

Once operational, the projects are projected to generate more than 1.6 terawatt-hours (TWh) of clean electricity annually, potentially avoiding around 740,000 tons of greenhouse gas emissions each year by replacing fossil fuel-based power generation.

The agreement was signed on March 6 at Swissôtel The Stamford Singapore by Vena Group CEO Nitin Apte, Global Head of Offshore Wind Daniel Astbury, and Head of Korea Kwangjin Cheong, together with Chungcheongnam-do Governor Kim Tae-heum and Taean-gun Mayor Ga Se-ro.