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Shizen International forms joint venture for South Korean renewable energy projects

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 10/05/2023 Shizen Energy

Shizen International Inc. (Shizen International), a company within the Shizen Energy Group, has partnered with INMARK Asset Management (INMARK) and DOHWA Engineering Co., Ltd. (DOHWA) to establish a joint venture focused on developing renewable energy projects in South Korea.

The joint venture, named Inmark Jayeon Energy Co., Ltd., derives its name from the Korean word 'Jayeon', meaning 'natural', aligning with Shizen's Japanese name, which also translates to 'natural'. The decision to enter the South Korean market stems from the country's potential for renewable energy deployment.

In 2023, the South Korean government introduced the 10th Basic Plan for Electricity Supply and Demand, projecting that the share of electricity generated from renewable sources in the country will increase from 9% in 2021 to 30.6% by 2036. Renewable energy power generation projects are expected to play a crucial role in South Korea's pursuit of carbon neutrality by 2050.

The joint venture aims to develop renewable energy projects across South Korea, encompassing energy storage, onshore renewables, and offshore wind. Shizen brings its experience in offshore wind projects in Japan, particularly in the waters around Kyushu island, which shares similar environmental conditions with South Korea.

Already, the joint venture has identified opportunities for 2,000 MW of renewable energy generation projects and plans to make its initial investment in a project of approximately 100 MW by the end of this year. Shizen Energy's commitment to the planet drives the company to address various needs, including decarbonization and enhancing energy resilience. By combining digital technologies such as Energy Management Systems (EMS) and storage batteries with the development of renewable energy sources that coexist harmoniously with local communities, Shizen Energy aims to contribute to a 100% renewable energy world in collaboration with its partners.

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