Singapore-based independent renewable energy developer Vena Group has signed a memorandum of understanding (MoU) worth Won1tn ($674m) with Chungcheongnam-do and Taean-gun to facilitate the development of large-scale green energy projects in South Korea, focusing on Taean-gun.

The agreement, signed at Swissôtel The Stamford in Singapore, outlines plans for Vena Group to invest the stated amount by 2030 to advance projects including offshore wind power generation.

The signing ceremony brought together representatives from Vena Group, Chungcheongnam-do province and Taean-gun.

Vena Group CEO Nitin Apte said: “This MoU reaffirms South Korea’s strategic importance as one of our core markets. Through close collaboration with Chungcheongnam-do and Taean-gun, we are committed to strengthening Korea’s energy security, expanding domestic clean power capacity and contributing to resilient, low-carbon growth.”

Through this MoU, Chungcheongnam-do and Taean-gun will provide administrative assistance related to permits and regulatory processes under existing laws.

Chungcheongnam-do Governor Tae-heum Kim said: “This landmark investment aligns Taean’s natural advantages and industrial capabilities with Vena Group’s advanced technological expertise.

“Chungnam will provide comprehensive administrative and financial support to ensure the successful implementation of these projects and to advance Korea’s carbon neutrality goals.”

The planned green energy developments are intended to deliver more than 1.6 terawatt-hours of electricity each year upon completion.

Project documentation states that this output would replace fossil fuel-based generation and avoid around 740,000t of greenhouse gas emissions annually.

The collaboration aims to bolster the clean energy supply chain in Korea and contribute to ongoing efforts towards carbon neutrality in the region.

Vena Group is positioning this investment as part of its broader engagement with Korea’s energy transition framework and local economic initiatives.