As part of the MoU, BayWa r.e. signed a land deal with Hankuk Paper, which will pave the way for the development of BayWa r.e.’s 60 MW onshore wind power project in the Gyeongsangbuk-do province.
“This announcement marks a significant milestone, cementing the collaborative efforts of Hankuk Paper and BayWa r.e. to bring this ambitious venture to life. A landmark project, it not only serves as the foundation for our own growth in South Korea but also as an integral part of Hankuk Paper’s overall vision for sustainable energy, while also contributing to the nation’s energy transition,” said YangHo Bae, Managing Director of BayWa r.e. South Korea.
The signing of the MoU marks another milestone in BayWa r.e.’s wind sector ambitions and reaffirms the company’s long-term commitment to South Korea. With the completion of the project, BayWa r.e. will contribute to South Korea’s renewable energy and climate goals, while also fostering economic growth and environmental sustainability.
“At BayWa r.e., we believe strategic partnerships are key to achieving sustainability goals in the Asia-Pacific region. This MoU with Hankuk Paper exemplifies this approach, further solidifying our presence in South Korea and fostering long-term collaboration with local partners. Through our relationships with regional stakeholders, we seek to maximise benefits for both BayWa r.e. and the communities we serve. Looking ahead, we are committed to driving further wind energy adoption across the region through continuous pipeline development and market expansion,” commented Daniel Gäfke, Global Director of Projects and Executive Board Member at BayWa r.e.
BayWa r.e. entered the South Korean market in 2019 with the opening of a new office in Seoul and is actively pursuing on- and offshore wind and solar developments in the region, continuously expanding its existing pipeline.
