Japanese and South Korean Firms Create JV for Renewable Energy Projects

Japan’s Shizen International, a Shizen Energy Group company, together with South Korean firms Inmark Asset Management and Dohwa Engineering, have entered into a joint venture to develop renewable energy projects in South Korea.

This joint venture, which will be called Inmark Jayeon Energy Co, will develop renewable energy projects throughout South Korea and will include energy storage, onshore renewables and offshore wind.

Shizen is already developing offshore wind projects in the waters of Japan, including around Kyushu island which is near to South Korea, and will bring this experience to the joint venture which is evaluating projects with similar environmental conditions.

The new Inmark Jayeon Energy entity has already identified 2,000 MW of renewable energy generation project opportunities and plans to make its first investment in a project of approximately 100 MW by the end of this year.

In a media statement, Shizen International said the entry into the South Korean market is due to the country’s potential for renewable energy deployment: “We believe that renewable energy power generation projects can be expected to be promoted toward the country’s goal of achieving carbon neutrality by 2050.”

In 2023, the South Korean government formulated the 10th Basic Plan for Electricity Supply and Demand, which forecasts the share of electricity generated from renewable energy sources in South Korea to become  30.6% by 2036 from 9% in 2021.

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