In a move to tap into the enormous potential for renewable energy deployment in South Korea, Shizen International, Inmark Asset Management, and Dohwa Engineering have come together to form a joint venture (JV) called Inmark Jayeon Energy. The JV is set to develop a range of renewable energy projects in South Korea, including energy storage, onshore renewables, and offshore wind.
The name of the JV, Inmark Jayeon Energy, is significant as “Jayeon” means “natural” in Korean, and is aligned with the spirit of the Shizen name, which means “natural” in Japanese. The partnership will leverage Shizen's experience in developing offshore wind projects in the waters of Japan, including around Kyushu Island, which is nearby to Korea and has similar environmental conditions.
The JV comes at a time when the South Korean government has formulated the 10th Basic Plan for Electricity Supply and Demand, which forecasts the share of electricity generated from renewable energy sources to rise from 9% in 2021 to 30.6% by 2036. This presents a significant opportunity for the JV to tap into, as it has already identified 2000MW of renewable energy generation project opportunities.
The JV plans to make its first investment in a project of approximately 100MW by the end of this year. With the three partners' expertise and experience, the Inmark Jayeon Energy JV is set to play a significant role in meeting South Korea's renewable energy goals while contributing to the country's sustainable development.
