German renewables developer BayWa r.e. AG has forged a partnership with Seoul-based paper manufacturer Hankuk Paper to spearhead the development of a 60-megawatt (MW) wind farm project.
BayWa r.e. announced on Tuesday the formalization of a Memorandum of Understanding (MoU) with Hankuk Paper, laying the groundwork for their joint endeavor. The agreement includes a pivotal land deal with Hankuk Paper, granting BayWa the necessary space to execute the project in North Gyeongsang Province, also known as Gyeongsangbuk-do, located in the eastern part of South Korea.
While specific details regarding the project were not disclosed in the press statement, YangHo Bae, Managing Director of BayWa r.e. South Korea, highlighted the significance of the collaboration, stating, “A landmark project, it not only serves as the foundation for our own growth in South Korea but also as an integral part of Hankuk Paper's overall vision for sustainable energy, while also contributing to the nation's energy transition.”
BayWa r.e. made its foray into the South Korean market in 2019 with the establishment of a new office in Seoul. The company has since been actively pursuing opportunities in onshore and offshore wind, as well as solar development in the region, with a commitment to expanding its existing pipeline of renewable energy projects.
