BayWa r.e. enters strategic partnership with Hankuk Paper to develop 60MW onshore wind power project in South Korea

SEOUL, South Korea, May 30, 2024 /PRNewswire/ — BayWa r.e., a global renewable energy developer, service provider and distributor, announced that it has signed a Memorandum of Understanding (MoU) with Hankuk Paper, a prominent paper manufacturer, marking the beginning of a promising collaboration towards sustainable energy in South Korea.  

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 60MW onshore wind power project in the Gyeongsangbuk-do province.

YangHo Bae, Managing Director of BayWa r.e. South Korea, said "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."

Jae Ho Ahn, Chief Executive Officer at Hankuk Paper "To Hankuk Paper who pursues its vision as a global eco-friendly company, this agreement is meaningful not only in that it contributes to the growth of the domestic eco-friendly energy industry, but also in that Haesung Group, including Hankuk Paper, have the opportunity to meet the growing demand for clean energy in the future." 

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’s energy transition. 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.

Daniel Gäfke, Global Director of Projects & Executive Board Member at BayWa r.e., said "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. 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."

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.

About BayWa r.e.

At BayWa r.e. we r.e.think energy – how it is produced, stored and can be best used to enable the global renewable energy transition that is essential to the future of our planet.

We are a leading global developer, service supplier, distributor and solutions provider and have brought over 6 GW of energy online and manage over 10.5 GW of assets. We are also an Independent Power Producer with an expanding energy trading business.

BayWa r.e. Korea, established in 2019, has a pipeline of more than 1 GW of wind and solar projects in South Korea.

BayWa r.e. works with businesses worldwide to provide tailored renewable solutions. Through our Climate Contribution approach, that aligns with the best practices for climate action and the Paris Agreement, we are taking significant steps forward on our own sustainability journey.

Every day, we are working hard to actively shape the future of energy in a diverse, equitable and inclusive workplace.

Our shareholders are BayWa AG, a €23.9 billion global business, and Energy Infrastructure Partners, a leader in energy infrastructure investment.

About Hankuk Paper

Hankuk Paper, established in 1958, is a company specializing in the production of printing and writing paper for more than half a century under the motto of ‘Contributing to the cultural development in South Korea through paper’.

Hankuk Paper develops and supplies more eco-friendly products. Its recyclable and biodegradable packaging material, ‘Green Shield’, has been significantly growing in Korean market by many large corporate customers’ demands for ESG management. Hankuk Paper is also preparing to supply the Green Shield to the global market.

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