Japanese renewables developer Shizen Energy plans to form a joint venture to target offshore wind, onshore renewable energy and energy storage projects in South Korea.
Shizen intends to work with investors Inmark Asset Management and engineering firm Dohwa Engineering, as South Korea targets decarbonisation goals.
The Jayeon Energy joint venture has identified a 2GW of possible renewable energy projects, and plans to invest in a first project – approximately 100MW of near-shore wind and floating solar PV – later this year.
Shizen is backed by Canadian pension giant CDPQ and is already developing offshore wind farms off the coast of Japan.
Through the Jayeon Energy joint venture, Shizen will be responsible for assessing sites, developing projects and the supply chain, and securing offtake agreements, Inmark Asset Management will handle financing and managing the consortium, and Dohwa Engineering will be in charge of engineering and permitting.
The group will join other developers – including BP, Corio and Ocean Winds – in targeting South Korean offshore wind – while turbine makers such as GE, Siemens Gamesa and Vestas have also set their sights on the market.
South Korea plans to boost the share of electricity generated by renewable energy sources from 9% in 2021 to 30.6% by 2036, and to reach carbon neutrality by 2050.
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