Shizen International Establishes Joint Venture in South Korea

Shizen International Inc. (Shizen International), a Shizen Energy Group company, together with INMARK Asset Management (INMARK) and DOHWA Engineering Co., Ltd. (DOHWA) have agreed as of May 10, 2023 to enter into a joint venture for developing renewable energy projects in the Republic of Korea (South Korea).

The joint venture will be called Inmark Jayeon Energy Co,. Ltd.. The word Jayeon means “natural” in Korean and is aligned with the spirit of the Shizen name which means “natural” in Japanese.

Our entry into the South Korean market is due to the country’s potential for renewable energy deployment. In 2023, the South Korean government formulated the 10th Basic Plan for Electricity Supply and Demand, which forecasts the share of electricity generated from renewable energy sources in South Korea to become 30.6% by 2036 from 9% in 2021. We believe that renewable energy power generation projects can be expected to be promoted toward the country’s goal of achieving carbon neutrality by 2050.

This joint venture will develop renewable energy projects throughout South Korea including energy storage, onshore renewables and offshore wind. Shizen is already developing offshore wind projects in the waters of Japan, including around Kyushu island which is nearby to Korea, and will bring this experience to the joint venture which is evaluating projects with similar environmental conditions.

The joint venture has already identified 2,000 MW of renewable energy generation project opportunities and plans to make its first investment in a project of approximately 100 MW by the end of this year.

In order to “take action for the blue planet,” Shizen Energy will flexibly respond to various needs such as decarbonization and strengthening energy resilience by combining digital technologies such as EMS and storage batteries with the development of renewable energy power sources that exist in harmony with local communities. Together with partners, Shizen Energy aims to realize a 100% renewable energy world as soon as possible.