Synera Renewable Energy Group (SRE Group), has announced a joint venture (JV) with Moondo Wind Energy (MWE) to develop an 840 MW offshore wind farm in South Korea. The project, named Moondo Offshore Wind Energy (MOWE), will be located near Geomundo Island, Yeosu City, in Jeollanam-do Province, at the southwestern tip of the Korean Peninsula.
Reportedly, this is SRE Group’s first venture into the South Korean market and its second international project following its expansion into Northern Kyushu, Japan. The JV has already secured an Electricity Business License (EBL) from the South Korean government for the bottom-fixed offshore wind farm. With the partnership, SRE Group aims to leverage its advanced technology and experience to contribute significantly to South Korea’s energy transition and carbon reduction goals.
In October 2024, SRE Group secured an establishment permit from Taiwan’s Energy Administration for its 495 MW Formosa 4 offshore wind project – the company’s third offshore wind endeavour in Taiwan. The company has also opened an office in Seoul where it is building a team of local and international professionals.
REGlobal’s Views: South Korea aims to achieve 14.3 GW of offshore wind capacity by 2030, contributing to its broader net-zero emissions goal by 2050. The country is augmenting existing ports and constructing new ones specifically tailored for offshore wind operations, and is offering incentives such as tax breaks and free economic zones.
