German company VSB Group has set up a subsidiary in South Korea that will develop a 35MW onshore wind farm.
VSB Renewable Energy Korea has started the planning process for the project in collaboration with an unnamed local project developer.
The local company “complements VSB’s expertise with knowledge of the specific market requirements and a strong local network, the technical skills of both companies are bundled in such a way that planning proceeds quickly and efficiently”, VSB said.
The German company added that the reason for its move into Korea are “good framework conditions, a stable investment environment and a government that actively supports the expansion of renewable energies”.
South Korea has set a goal of increasing the share of renewable energies to 35% by 2040 from 7% currently, it said.
VSB Neue Energien International managing director Joerg Dolski said: “South Korea has great potential in the field of renewable energies.
“That is why we are placing our commitment in this country on a stable foundation with strategic local partnerships in the long term.
“To achieve the 2040 target in South Korea, the government is relying on the support of international experts.
“We are proud to contribute to reach this target and are eager to drive forward the energy transition in South Korea.”