Follow-up to BlackRock MOU: Simultaneous Investment in Renewable Energy and AI Data Centers
"Energy Highway" Project Signals Green Light for Implementation
The "Asian Artificial Intelligence (AI) Capital" strategy, spearheaded by the Lee Jaemyung administration, has achieved its first concrete outcome.
Global investment firm Vena Group has expressed its intention to invest approximately 20 trillion won in South Korea's renewable energy and AI infrastructure projects. As a result, the government's core national agendas-expanding renewable energy and advancing AI infrastructure-have entered a practical implementation phase.
The Ministry of Climate, Energy and Environment and the Ministry of Science and ICT announced on the 23rd that Vena Group has submitted a letter of intent to invest in South Korea's renewable energy transition and the construction of AI data centers.
In celebration of "Renewable Energy Day," the letter of intent (LOI) delivery ceremony was held at the main building of the National Assembly. The event was attended by Seonghwan Kim, Minister of Climate, Energy and Environment; Jemyung Ryu, Vice Minister of Science and ICT; Assemblyman Jiho Cha; and Woochang Kim, Secretary for National AI Policy. Representing Vena Group were Chairman Nitin Apte, Yuki Hoshino, Head of Asia-Pacific Investments, and Jung Kwangjin, Korea Country Manager.
Ryu Jemyung, Second Vice Minister of the Ministry of Science and ICT, Kim Sunghwan, Minister of the Ministry of Climate, Energy and Environment, Nitin Apte, Chairman of VENA Group, Cha Jiho, Member of the National Assembly, and Kim Woochang, Secretary for National AI Policy (from left), are applauding at the 'VENA Group Investment Letter of Intent Ceremony' held on the morning of the 23rd in the main conference room of the National Assembly building in Yeongdeungpo-gu, Seoul. Provided by the Ministry of Science and ICT
This LOI delivery follows up on the "AI and Renewable Energy Investment Cooperation MOU (Ministry of Science and ICT-BlackRock)" signed during President Lee Jaemyung's visit to the United Nations General Assembly in September. Through this, Vena Group, a subsidiary of BlackRock, has formalized its investment in South Korea. The government described this as "a tangible achievement of presidential diplomacy through a global cooperation network."
Minister Seonghwan Kim stated, "Vena Group's investment intent is a concrete result of the President's diplomatic leadership and marks the starting point of a national growth strategy encompassing both renewable energy and artificial intelligence. This will simultaneously strengthen South Korea's competitiveness in energy transition and AI infrastructure."
The Ministry of Climate, Energy and Environment plans to use this investment as an opportunity to accelerate the adoption of offshore wind power and to launch the "Energy Highway" project, which will link power plants, electricity grids, and AI data centers. This initiative is expected to serve as a strategic bridge that simultaneously realizes two of the Lee Jaemyung administration's key national agendas: a "green transition centered on renewable energy" and the "advancement of the AI infrastructure industry ecosystem."
Vina Energy is advancing the Nakasato Wind Power Project. The Nakasato Wind Power Project site. Vina Group website.
Vice Minister Jemyung Ryu of the Ministry of Science and ICT remarked, "By combining large-scale international investment with the government's efforts in AI infrastructure, we will establish a sustainable AI development model and lay the foundation for South Korea to become the AI hub of the Asia-Pacific region."
Vena Group's investment intent is expected to be further detailed in phases, in connection with the development of South Korea's renewable energy ecosystem, commercialization of AI-based power management technologies, and the advancement of data centers.
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