Vena Energy has decided to invest $200 million in the Yokji Offshore wind project situated in the South Gyeongsang province. This investment aims to accelerate South Korea’s transition to renewable energy and enhance its energy independence. The Yokji Offshore wind project has a planned capacity of 384 MW.
Vena Energy has another offshore wind project under development in South Korea. This project was awarded to Vena in the 2024 offshore wind auction and has a capacity of 500 MW. The Taean Offshore Wind Project is set to begin construction by the end of next year, in partnership with Copenhagen Infrastructure Partners (CIP).
Earlier in January 2025, Vena Energy inked a virtual power purchase agreement with LINE Yahoo Corporation centered on the Maniwa solar project. This is a 72 MW solar project and will be built on a repurposed golf course in Maniwa City, Okayama Prefecture. It is expected to be operational by 2026.
REGlobal’s Views: South Korea plans to expand its offshore wind capacity to 14.3 GW of offshore wind capacity by 2030. It has introduced various policy interventions to encourage this including tax breaks and free economic zones. Further, the country is augmenting existing ports and constructing new ones specifically tailored for offshore wind operations to promote offshore wind development.
