Vena Energy is to invest $200m into the 384MW Yokji offshore wind farm in South Korea.
The project, located in South Gyeongsang Province, will play a key role in diversifying South Korea’s energy mix and increasing the share of domestically generated energy in the grid.
The US$200m funding announcement was made during an investment ceremony with the Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA).
Vena Energy says it is dedicated to building strong partnerships with local communities, fisheries, and local suppliers to ensure the project delivers economic and social benefits.
By prioritising collaboration with local businesses, the company aims to create new opportunities and contribute to the development of South Korea’s renewable energy industry.
The Yokji offshore wind project is currently exploring industrial contributions with the local supply chain while seeking ways to co-exist with local fishermen in the region.
In addition to Yokji, Vena Energy has developed another landmark offshore wind project in South Korea.
The 500MW Taean offshore wind project was awarded in the 2024 offshore wind auction and is set to begin construction by the end of next year, in partnership with Copenhagen Infrastructure Partners (CIP).
Once completed, the project will generate enough clean electricity to power approximately 300,000 homes annually.
Vena Energy chief executive 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.”
Pictured: Duk-geun Ahn, Minister of Trade, Industry and Energy, South Korea, with Nitin Apte