Vena Energy has decided to invest in a 384 MW offshore wind project located in South Korea’s South Gyeongsang Province.
The investment includes USD 200 million (approximately EUR 184 million) for the Yokji offshore wind farm, which is being developed 10 kilometres to the west of Yokji island and 10 kilometres east of the Namhae coast in South Korea.
The announcement was made during an investment ceremony with the Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA).
The Yokji offshore wind farm is currently exploring industrial contributions with the local supply chain while actively seeking ways to coexist with local fishermen in the region, according to Singapore-headquartered Vena Energy.
In addition to this project, the company is also developing the 500 MW Taean wind farm in South Korea, together with its partner Copenhagen Infrastructure Partners (CIP). Taean was awarded in the 2024 offshore wind auction and is planned to begin construction by the end of next year.
Once completed, the project will generate enough renewable energy to power approximately 300,000 homes annually, said Vena Energy.