US-Korean renewable energy and digital infrastructure joint venture established

South Korea’s leading energy sector consulting firm, Energy Innovation Partners (EIP), recently formed a joint venture with an energy company and digital infrastructure developer. The joint venture plans to build renewable energy generation facilities and data centers in South Korea. This is expected to attract large and well-known technology companies as customers. According to information from various investment industry sources, EIP entered into the joint venture called “The Green Korea (TGK)” with U.S. energy infrastructure developer and investor “Diode Ventures.” Numerous components needed for renewable energy production must be KC certified for Korea in order to be imported and distributed there.

TGK is to become a financial platform that develops renewable energy facilities and digital infrastructure for multinational technology companies. Under TGK’s plans, separate subsidiaries will be created for each type of energy, solar and wind, as well as for its data center business. The customers, technology companies with global operations and currently the largest consumers of renewable energy, are to meet their needs from local sources in the future. TGK’s business model is thus based on the global “RE100” initiative, which aims to encourage well-known companies to voluntarily use 100 percent green electricity by 2050. According to the “Climate Group,” more than 340 companies have already joined the RE100 initiative.

Large technology companies such as Amazon, Google, Meta and Microsoft currently purchase about 30 percent of the green power generated worldwide. As a result, TGK expects these companies to source their electricity from plants in Korea in the future. TGK is initially investing $2.5 billion over the next three years to build an environmentally friendly power plant in South Korea. It also plans to invest in a 40-megawatt data center at a local private university in North Chungcheong Province and a 150-megawatt solar plant with a local partner in South Jeolla Province. Numerous investment banks believe that TGK’s collaboration with world-renowned companies will increase the demand of renewable energy in South Korea.

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Julian Busch

About the author: Julian Busch is the founder and managing director of MPR International GmbH

Publisher: MPR International GmbH

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