B.Grimm Power (BGRIM) is expanding its renewable energy business through investments in Nakwol Wind and Hanbit Wind, two offshore wind power plants in South Korea which have a combined installed capacity of 740 megawatts.
"This move reflects B.Grimm Power's ongoing commitment to collaborative growth in South Korea's renewable energy sector. It also aligns with the group's broader strategy to foster stable and sustainable energy businesses throughout Asia, underscoring the firm's dedication to contributing to a future marked by net zero carbon emissions," said president Harald Link.
Mr Link said B.Grimm Power Korea, a wholly-owned subsidiary of BGRIM, has invested US$35.7 million in Nakwol Blueheart Co (Nakwol Wind) to acquire 49% of the company's issued shares.
Nakwol Wind is responsible for the Yeonggwang Nakwol offshore wind power generation project, which has an installed capacity of roughly 365MW.
Nakwol Wind secured a grid connection agreement from Korea Electric Power Corporation (Kepco) and a long-term renewable energy certificate (REC) sale and purchase agreement from Korea Southern Power Co, a wholly-owned subsidiary of Kepco, which would last for a 20-year period from the project's commercial operation date (COD).
The project has a tentatively scheduled COD of December 2025.
BGRIM has also invested $25.2 million in Hanbit Wind Power Co (Hanbit Wind), acquiring 49% of the company's issued shares.
Hanbit Wind is responsible for the ownership and development of the Yeonggwang Hanbit offshore wind power generation project with an installed capacity of roughly 375MW.
Hanbit Wind has also obtained a grid connection agreement from Kepco and is undergoing the process of obtaining the required permits and licences from relevant government agencies. The project's construction is poised to commence, with an expected COD of December 2026.
Mr Link said BGRIM is gradually expanding its investment in South Korea.
"Several solar power projects totalling 122MW in capacity have successfully come online. By year-end, an additional 20MW of capacity is projected to be added with the launch of a wind power plant project," he said.
"Additionally, there are ongoing advancements in solar power plant projects. BGRIM is involved in developing at least another 1 gigawatt of wind power capacity."
Electricity demand has consistently risen in South Korea over recent years, as power supply is vital to sustain the nation's economic progress.
The country adopted a comprehensive energy reform strategy, with the aim of achieving carbon neutrality by 2050.
As outlined in the Framework Act on low-carbon green growth, South Korea is poised to deploy up to 20GW of offshore wind capacity by 2030.
"BGRIM, in close partnership with Kepco, has made significant strides in South Korea's impressive renewable energy ventures, encompassing both solar and offshore wind projects," said Mr Link.
"The company is dedicated to harnessing all our initiatives and capabilities to contribute to South Korea's ambition to emerge as one of the world's foremost offshore wind power producers."