Vena Energy, a Singapore-based renewable energy company, has chosen Offshore Design Engineering (ODE) to serve as the owner’s engineer for its 384 MW Yokji offshore wind farm in South Korea. Under the contract, basic engineering, wind turbine generator package support, engineering, procurement, and construction preparation support services are included.
Vena Energy intends to make the project operational by 2026, in order to support the South Korean government in meeting its objective of installing 12 GW of offshore wind by 2030. No financial details of the two-year contract have been disclosed. ODE stated that it will coordinate activities on this project from its offices in Seoul, South Korea, and London, UK. Following the award of this deal, ODE now supports more than 1 GW of offshore wind projects as owner’s engineer in South Korea.
In June 2021, Vena Energy secured its first sustainability-linked facility of $500 million from eight lenders. The facility would have a maximum amount stipulated that the company can access whenever needed. The financers included BNP Paribas, Crédit Agricole CIB, DBS Bank Ltd, ING Bank, MUFG, Intesa, SMBC and Mizuho while ING Bank and BNP Paribas were joint green structuring advisors for the deal.