BayWa r.e. Signs MoU with Hankuk Paper for 60MW Onshore Wind Power Project in South Korea

BayWa r.e. announced that it has signed a Memorandum of Understanding (MoU) with Hankuk Paper. 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."