SEOUL, October 23 (AJP) - Singapore-based renewable energy company VENA Group plans to invest $20 billion in South Korea to advance projects in renewable energy and artificial intelligence data centers, officials here said Thursday.
The announcement came after the company delivered a letter of intent at a ceremony held at the National Assembly in Seoul, attended by Environment Minister Kim Sung-hwan, Vice Minister of Science and ICT Ryu Jae-myung, Democratic Party lawmaker Cha Ji-ho, presidential secretary of national AI policy Kim Woo-chang, and VENA Group Chairman Nitin Apte.
The investment pledge builds on a memorandum of understanding signed in September during President Lee Jae Myung’s meeting with BlackRock Chairman Larry Fink at the United Nations General Assembly. That agreement sought to position South Korea as the “AI capital of Asia” by attracting global investors to its energy and technology sectors.
Environment Minister Kim hailed the announcement as “a tangible result of the president’s diplomatic and investment efforts,” adding that the partnership would help accelerate South Korea’s renewable energy transition and bolster its AI infrastructure competitiveness.
The Ministry of Environment said it plans to channel part of the investment into offshore wind power projects and develop an “energy highway” linking wind farms, national power grids, and AI data centers.
Vice Minister Ryu said the government would continue to encourage sustainable development through international partnerships. “This initiative reflects our vision to make South Korea a leading AI and green energy hub in the Asia-Pacific region,” he said.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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