Vena Energy Signs Joint Development Agreement with KOMIPO for the Development of an Offshore Wind Project near Yokjido in South Korea
Vena Energy, Asia-Pacific’s leading renewable energy company, announced today the signing of a Joint Development Agreement (JDA) with Korea Midland Power Co., Ltd. (hereafter KOMIPO) for the development of an offshore wind project near Yokji Island, under the jurisdiction of Tonyeong City.
Under the terms of the agreement, Vena Energy and KOMIPO will collaborate on the development, operation, and maintenance of the offshore wind project to produce clean electricity, while also establishing a model of cooperation that will help support the local community.
Located off the western coast of Yokji Island, the offshore wind project is expected to have a capacity of 384 megawatts and will be capable of powering up to 184,000 Korean households annually. Compared to thermal energy generation, the project is expected to reduce approximately 514,000 tonnes of greenhouse gas emissions and save around 732 million litres of water yearly. Through this project, the partnership aims to contribute to the Korean government’s carbon-neutral goal and bolster the local economy by encouraging eco-tourism and job opportunities.
“With this partnership, Vena Energy and KOMIPO established a strong foundation to accelerate the energy transition in South Korea,” said Kwangjin Cheong, the Head of Vena Energy Korea. “Powered by KOMIPO’s experience, expertise, and ambition, we look forward to delivering this project to the people of Yokji Island and contributing to South Korea’s energy independence and carbon neutrality goals.”