Diode Ventures, a wholly-owned subsidiary of Black & Veatch, has entered into a joint venture (JV) agreement with Energy Innovation Partners (EIP), subject to regulatory approvals and other customary closing conditions, to develop, finance, build and operate renewable energy and data infrastructure projects in South Korea.

Working together as The Green Korea Inc., the JV will offer the full life cycle of project development for solar, wind, battery energy storage, data centres and more

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, the parties said.

Brad Hardin, president of Diode Ventures, commented: “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.

“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.”

Heejun Park, president of EIP Asset Management, added: “EIP is very confident in our ability to grow a sustainable and lasting infrastructure footprint in Korea in partnership with Diode.

“This agreement marks an important milestone in our long-term relationship with Diode and Black & Veatch.”

Korea imports nearly 96 percent of its energy, which presents a tough challenge for a country that is working toward a 20-percent reduction in carbon emissions by 2030 and a net-zero economy by 2050.

With its Green Growth National Strategy and Korean New Deal 2.0 – which invests 220 trillion won (USD$185 billion) across the economy, including billions in green infrastructure and renewable energy – the country is attempting to reshape green economic growth planning.