Global Renewable Energy Company Confirms $200 Million Investment in Korea

[Asia Economy Reporter Suyeon Woo] Global renewable energy companies EDP Renewables (EDPR) and Ocean Winds have confirmed investments in Korea to establish large-scale solar and offshore wind power complexes.

KOTRA announced on the 15th (local time) that it held an investment declaration ceremony at the EDPR headquarters, attended by KOTRA President Jeong-yeol Yoo and Minister Seung-wook Moon of the Ministry of Trade, Industry and Energy. The investment declaration was made as an initial stage investment for projects to develop solar and offshore wind power complexes, which are Korea's key renewable energy sectors.

EDPR is a global renewable energy company with 12.2GW of installed capacity across 16 countries including Europe, North America, and Latin America. Along with a $100 million investment declaration, EDPR plans to build a 200MW solar power complex in Goheung, Jeollanam-do.

Ocean Winds, jointly established by EDPR and the French company Engie for the European and Asian wind markets, specializes in developing floating and fixed offshore wind projects. It will invest $100 million in the Incheon area to develop a 1.2GW fixed offshore wind power complex. The power complex, which will begin construction in 2025, is scheduled for completion in 2028. Ocean Winds is also currently developing a floating offshore wind power complex project (consortium KF Wind) in Ulsan.

Minister Moon Seung-wook of the Ministry of Trade, Industry and Energy (center), KOTRA President Yoo Jung-yeol (left), and Ocean Winds CEO Spiridon Martinis are posing for a commemorative photo after signing the investment report. Photo by KOTRA

KOTRA expects that the full-scale investments by global renewable energy companies will usher in a new growth phase for Korea's solar and offshore wind industries. In particular, EDPR and Ocean Winds plan to prioritize sourcing equipment and materials domestically to build a local supply chain, thereby expanding cooperation with Korean companies.

Spyridon Martinis, Chief Development Officer (CDO) of the EDPR Group and CEO of Ocean Winds, said, "We will contribute to the development of Korea's renewable energy industry by leveraging our extensive know-how and experience in wind and solar power projects," adding, "We will also actively consider global market expansion through cooperation with Korean companies."

KOTRA President Jeong-yeol Yoo stated, "Investments by global companies in Korea will contribute to revitalizing the regional economy and creating new jobs," and added, "We will support the successful completion of the investment projects."