The Republic of Korea runs on several energy-intensive industries, but a lack of sufficient natural resources means that Asia's fourth-largest economy is forced to import nearly all its energy even as it works toward aggressive net-zero goals. To answer the country’s need for sustainable infrastructure, Diode Ventures (Diode), a wholly owned subsidiary of Black & Veatch, has entered into a joint venture 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 the Republic of Korea.
The Republic of Korea imports nearly 96 percent of its energy, which presents a particularly 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. To get there, the country will need to significantly expand its renewable energy generation portfolio. 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 centers and more, helping to advance the country’s sustainability initiatives.
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.”
Brad Hardin, president of Diode Ventures
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 Republic of Korea is at the forefront of green economic growth planning. 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.”
About Diode Ventures
Diode Ventures is a developer of energy and data infrastructure, serving the commercial, industrial and technology sectors. With our partners, we offer our clients development services including site selection, capital assembly, project financing, EPC and O&M. Diode Ventures is a wholly owned subsidiary of Black & Veatch with a global presence in over 100 countries.
About Energy Innovation Partners
Energy Innovation Partners (EIP) is Korea’s No. 1 energy investment & MBA advisory firm focusing on E.G, green energy infrastructure, power generation and US Midstream. In 2021, the company expanded its business stream to Asset Management company to widen its business spectrum to perform not only the advisory services but also Private Equity Fund management and securities (debt & equity) trading. To date, EIP has successfully raised capital over $2.5 billion and assets under management of over $100 million.