- Vena Group plans to invest 20 trillion won ($14 billion) in Korean renewable energy projects and an AI data center.
- The investment includes solar, wind, battery storage, and offshore wind projects, supporting Korea’s goal to triple renewable capacity to 100 GW by 2030.
Vena Group, one of Asia-Pacific’s largest renewable energy developers, said on Thursday, October 23, it plans to invest 20 trillion won ($14 billion) in South Korea to develop renewable energy projects and build an artificial intelligence (AI) data center, the government said.
The company submitted a letter of intent to the Korean government outlining investments in solar and wind power, battery energy storage systems, a 500-megawatt offshore wind project, a 384-megawatt offshore wind project, and an AI data center powered by renewable energy.
According to the climate and science ministries, Vena Group, a fully owned subsidiary of BlackRock, currently operates or develops 9.7 gigawatts of renewable energy facilities in Korea, Japan, Taiwan, Australia, and Southeast Asia.
The proposed investment aligns with President Lee Jae Myung’s plan to triple South Korea’s renewable energy capacity to 100 gigawatts by 2030. Last month, Lee met BlackRock CEO Larry Fink to discuss partnerships in AI and renewable energy.