By Abdullahi Lukman
Vena Group has signed a memorandum of understanding worth about $674 million (Won1 trillion) with authorities in South Korea to develop large-scale renewable energy projects, including offshore wind power, mainly in Taean County.
The agreement, signed in Singapore with South Chungcheong Province and Taean County officials, outlines plans for the Singapore-based renewable energy developer to invest in green energy infrastructure by 2030.
Under the deal, local authorities will support the projects by providing administrative assistance for permits and regulatory procedures in line with existing laws.
Chief executive of Vena Group, Nitin Apte, said the agreement highlights South Korea’s importance as a key market for the company and reflects its commitment to strengthening the country’s energy security and expanding domestic clean power capacity.
Governor of South Chungcheong Province, Kim Tae-heum, described the investment as a significant step in leveraging Taean’s natural resources and industrial capacity alongside the company’s technological expertise.
He added that the provincial government will provide administrative and financial support to ensure successful project implementation.
According to project plans, the renewable energy developments are expected to generate more than 1.6 terawatt-hours of electricity annually once completed.
The projects are also projected to replace fossil fuel-based power generation and reduce greenhouse gas emissions by about 740,000 tonnes each year.
Vena Group said the collaboration is part of its broader strategy to support South Korea’s transition to cleaner energy and strengthen the country’s renewable energy supply chain.