Japan’s Shizen Energy has partnered with investor Inmark Asset Management and South Korean Dohwa Engineering Co., Ltd. to form a joint venture named Inmark Jayeon Energy, that will focus on developing renewable energy projects in South Korea.
As per the agreement, Shizen will hold 40% and the remainder will be shared between the other two local partners. The venture would focus on projects targeting onshore and offshore wind, solar and storage.
The South Korean government’s 10th Basic Plan, which was introduced in 2023 for electricity supply and demand has projected that the share of electricity generated from renewable sources in the country will increase from 9% in 2021 to 30.6% by 2036. It is reported that renewable energy power generation projects will play a major role in South Korea’s pursuit of carbon neutrality by 2050.
The new firm formed by JV will develop renewable energy projects across South Korea, encompassing energy storage,onshore renewables and offshore wind.Shizen already has experience in setting up offshore wind projects in Japan, particularly in the waters around Kyushu island which has similar environmental conditions like South Korea.
It has already identified possibilities in 2,000 MW of renewable energy generation projects and will be planning to make its initial investment in a project of approximately 100 MW by the end of this year.
Shizen Energy claims that it is committed to decarbonisation and enhancing energy resilience and it aims to achieve this by combining digital technologies such as Energy Management Systems (EMS) and storage batteries with the development of renewable energy sources.According to Shizen Energy, it aims to contribute to a 100% renewable energy world by co-operating and collaborating with its partners.
