Vena Energy signed a Joint Development Agreement (JDA) with Korea Midland Power (KOMIPO) for the development of an offshore wind project near Yokji Island.
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.
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. 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.