South Korea’s Kolon Global Corp. has signed an agreement with Hana Bank, Hana Alternative Asset Management, and MDM Asset Management to establish a fund dedicated to onshore wind power development. Announced on Tuesday, the partnership marks a strategic move to advance domestic wind energy projects.
Under the agreement, Kolon Global will lead the development of onshore wind projects, overseeing engineering, procurement, and construction (EPC) as well as general engineering responsibilities. Hana Bank will provide advisory services for project financing and arrange the necessary funding. Meanwhile, Hana Alternative Asset Management will assist in structuring and raising the fund, with MDM Asset Management investing through its MDM Infrastructure Investment Co.
Kolon Global, holding over 25% of the EPC market share in South Korea’s wind power sector, anticipates this collaboration will accelerate the development of new projects and secure vital funding. The company plans to significantly increase its wind power-related dividends, aiming to grow from 3.5 billion won ($2.62 million) in 2023 to 10 billion won by 2027 and 50 billion won by 2030.
Kolon Global’s future plans include green hydrogen production linked to wind farms, repowering older wind farms, and expanding into offshore wind power, positioning the company for long-term growth in the renewable energy sector.
