According to Yonhap News,

Vena Group, a leading private power producer (Independent Power Project) in the Asia-Pacific region for renewable energy development and operations, has decided to invest in Korea's renewable energy sector and related AI data center construction projects.

On October 23rd, the Ministry of Climate and Energy and the Ministry of Science and ICT announced that they received a letter of intent (LOI) for investment from Vena Group at the National Assembly on Renewable Energy Day.

In the LOI, Vena Group outlined investment areas including "renewable energy solution projects such as solar power, onshore and offshore wind power, energy storage systems (BESS), green hydrogen, and fuel cells," as well as "AI data centers linked to renewable energy grids to support next-generation AI computing," and "cooperation projects in agreement with the Korean government."

The total investment is expected to amount to KRW 20 trillion, which includes the 500 MW Taean offshore wind power project and the 384 MW Yokji offshore wind power project.

Vena Group, whose parent company is BlackRock, the world's largest asset management firm, indicated that this investment intention follows a meeting between President Lee Jae-myung, who visited the U.S. to attend the UN General Assembly in September, and BlackRock Chairman Larry Fink. This was the first achievement resulting from the MOU on "AI and Renewable Energy Investment Cooperation" signed between the Ministry of Science and ICT and BlackRock.

As of August this year, Vena Group operates or is constructing/contracting renewable energy facilities totaling 9.7 GW. These facilities are distributed across North Asia-Pacific, with 2.4 GW each in Japan, Korea, Taiwan, and Australia, 3.8 GW in Southeast Asia including the Philippines, Singapore, Malaysia, Indonesia, and Thailand, and 1.1 GW in India.

The current government aims to triple the renewable energy capacity to 100 GW by 2030, up from the current 34 GW, in an effort to reduce greenhouse gas emissions through expanded renewable energy.



jylee24@yna.co.kr
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Source: Yonhap News (October 23, 2025)

** This article was translated from Korean.