In a keynote session at the WorldNexGen 2026 event on January 7, 2026, Ms. Hae In Lee, Managing Director at Myungwoon Industry Development Co., Ltd., a major partner of B.Grimm Power Public Company Limited in South Korea to operate renewable energy, has delivered an overview of electricity market in South Korea and B.Grimm’s presence in South Korea to all participants of the WorldNexGen program.
South Korea is a manufacturing-heavy, export-driven economy where exports account for 44% of the GDP. With an installed electricity capacity of 140 GW, the market is currently dominated by the state-controlled Korea Electric Power Corporation (KEPCO) and its six subsidiaries, which generate approximately 70% of the nation’s power. Because the country has limited natural resources and is the world’s third-largest importer of LNG, energy security and the transition to renewables are critical national priorities.
Drivers and Challenges of Renewable Energy
The South Korean government aims to add 40 GW of renewable capacity by 2030, transitioning towards full carbon neutrality by 2050. This shift is propelled by two major mechanisms:
- Renewable Portfolio Standard (RPS): This mandates that large power producers (over 500 MW) must either produce renewable energy.
- RE100 Campaign: Major conglomerates like Samsung and Hyundai are adopting 100% renewable energy pledges to maintain competitiveness in global supply chains, where carbon neutrality is increasingly a requirement.
However, the market has high entry barriers. Offshore wind is particularly capital-intensive, costing the highest among renewable energy, while solar farms are the cheapest. Furthermore, the development process is lengthy, often taking a decade from inception to commercial operation due to complex licensing and unique requirements, such as consulting with the Ministry of Defence to ensure turbines do not interfere with military radar and waterway.
B.Grimm Power’s Investment and Strategy
B.Grimm Power, the longest-standing private corporation in Thailand, established its Korean subsidiary in 2019. The company has already invested $160 million and pledged a further $500 million to develop the local renewable sector. Their portfolio currently includes:
- A 1.6 GW wind power pipeline, featuring the 365 MW Nakwol offshore wind project, which represents a $1.7 billion investment.
- Existing solar assets, such as the 99 MW Saemangeum Zone 3, one of the largest solar builds in the country.
B.Grimm’s success is built on global partnerships, combining Thai capital with German turbine technology (Vensys Energy) and Chinese construction expertise to navigate the technical and financial complexities of the Korean market. By securing 20-year long-term off-take agreements with KEPCO subsidiaries, B.Grimm ensures a stable infrastructure model that attracts international lenders while contributing to South Korea’s energy independence and environmental goals.
