Shizen International, Inmark Asset Management, and Dohwa Engineering have formed a JV to develop renewable energy projects in South Korea.
The joint venture will be called Inmark Jayeon Energy.
The word Jayeon means “natural” in Korean and is aligned with the spirit of the Shizen name which means “natural” in Japanese.
Shinzen said its entry into the South Korean market is due to the country’s potential for renewable energy deployment.
In 2023, the South Korean government formulated the 10th Basic Plan for Electricity Supply and Demand, which forecasts the share of electricity generated from renewable energy sources in South Korea to become 30.6% by 2036 from 9% in 2021.
This JV will develop renewable energy projects throughout South Korea including energy storage, onshore renewables and offshore wind.
Shizen is already developing offshore wind projects in the waters of Japan, including around Kyushu island which is nearby to Korea, and will bring this experience to the JV which is evaluating projects with similar environmental conditions.
The JV has already identified 2000MW of renewable energy generation project opportunities and plans to make its first investment in a project of approximately 100MW by the end of this year.