Vena Group seals $674 million deal for Korean offshore wind

Vena Group, an independent renewable energy developer based in Singapore, signed a memorandum of understanding (MoU) valued at 1 trillion South Korean won ($674 million) with Chungcheongnam-do province and Taean-gun county. The agreement, signed at Swissôtel The Stamford in Singapore, provides for capital deployment by 2030 to support large-scale green energy projects, including offshore wind. The signing ceremony brought together representatives from all three parties.

Offshore wind projects targeted at Taean-gun

According to project documentation, the planned developments would generate more than 1.6 terawatt-hours (TWh) of electricity annually once completed. This output would substitute fossil-based generation and avoid approximately 740,000 tonnes of greenhouse gas emissions annually. The agreement targets the coastal district of Taean-gun, which would benefit from its natural assets and existing industrial capacities. Under the MoU, Chungcheongnam-do and Taean-gun commit to providing administrative support for permits and regulatory procedures under applicable laws. Nitin Apte, chief executive officer of Vena Group, said South Korea represents one of the group's strategic priority markets. He stated the agreement aims to strengthen the country's energy security, develop clean energy capacity, and support low-carbon growth.

Chungnam province pledges administrative and financial support

Tae-heum Kim, governor of Chungcheongnam-do, said the investment combines Taean's natural advantages with Vena Group's technological expertise. Chungnam province pledges comprehensive administrative and financial support to ensure project implementation and advance South Korea's carbon neutrality goals. These commitments include assistance with regulatory permit procedures under existing legislation. Vena Group positions this agreement as part of its commitment to South Korea's energy transition framework and local economic initiatives. The company aims to strengthen the clean energy supply chain in Korea. These projects would contribute to the Korean peninsula's national carbon neutrality goal.