Diode Ventures, a wholly owned subsidiary of Black & Veatch, has entered into a joint venture agreement with Energy Innovation Partners (EIP) to develop, finance, build and operate renewable energy and data infrastructure projects in South Korea.
Working together as The Green Korea Inc, the joint venture will offer the full life-cycle of project development for solar, wind, battery energy storage, data centre and more, helping to advance the country’s sustainability initiatives.
South Korea imports nearly 96% of its energy, which presents a particularly “tough challenge” for a country that is working towards a 20% reduction in carbon emissions by 2030 and a net-zero economy by 2050, explained Diode. To get there, the country will need to significantly expand its renewable energy generation portfolio.
Diode is a developer of energy and data infrastructure serving the commercial, industrial and technology sectors. Headquartered in the US, the company has a global presence in over 100 countries.
“We believe the growing Korean market offers substantive opportunities to add value for our clients and support the evolution of greener, more sustainable energy infrastructure," said Brad Hardin, president of Diode Ventures. “The EIP team is a trusted partner for Diode, and we are excited to work with them under the banner of The Green Korea Inc to perform development, engineering, procurement and construction services that will bring these critical projects to life.”
South Korea has recently unveiled its Green Growth National Strategy and Korean New Deal 2.0, which invests 220 trillion won (US$185 billion) across the economy, including billions in green infrastructure and renewable energy. Diode highlighted that the Green Korea Inc partnership is a “direct answer” to the country’s needs, as it embarks on these large-scale projects to reduce carbon emissions and increase sustainability across its economy.
“EIP is very confident in our ability to grow a sustainable and lasting infrastructure footprint in Korea in partnership with Diode," said Heejun Park, president of EIP Asset Management. "This agreement marks an important milestone in our long-term relationship with Diode and Black & Veatch.”
EIP is Korea-based energy investment and M&A advisory firm focusing on ESG, green energy infrastructure, power generation and US Midstream. In 2021, EIP expanded its business stream to Asset Management company in order to widen its business spectrum to perform not only the advisory services but also Private Equity Fund management and securities (debt & equity) trading.