Woori Technology Secures 20 Billion KRW Investment from Energy Specialist Company ‘STI’

[Asia Economy Reporter Yoo Hyun-seok] Woori Technology announced on the 8th that it has secured an investment of 20 billion KRW from the energy specialist company ‘ST International Corporation (STI)’ and agreed to mutually cooperate in the renewable energy sector going forward.

STI will be responsible for business development, investment, and operational management in the renewable energy field. Woori Technology will collaborate in business development, investment, control monitoring systems, and the construction of specialized offshore wind power installation vessels. Additionally, Woori Technology’s subsidiary ‘CGO’ will handle the development, construction, and maintenance of onshore and offshore wind power projects.

Established in 1962, STI is an energy specialist company with a distinguished track record in domestic and international resource development, and changed its name from ‘Samtan’ to ‘STI’ in 2019. Currently, it operates the Yeongyang-Yeongdeok Wind Power Plant (100MW scale) and the Vietnam Offshore Wind Power Plant (140MW scale), and is an energy business investment management company with current assets amounting to 1.14 trillion KRW.

CGO was incorporated as a subsidiary by Woori Technology last year to enter the renewable energy business. It specializes in the construction of onshore and offshore wind turbines, as well as the installation of marine facilities and structures such as submarine cables and underwater pipelines. In 2016, it completed the construction of the large-scale Jeju Tamna Offshore Wind Power Plant (30MW scale), and in 2018, it participated in the Daejeong Offshore Wind Power Complex (100MW scale), possessing experience and know-how in offshore wind farm construction.

A Woori Technology official stated, “This investment and cooperation were realized based on a shared understanding that the renewable energy sector is a core strategic business for the future,” and added, “STI will become the second largest shareholder through this strategic investment but will not be involved in management.”

Meanwhile, on the 4th, Woori Technology issued a third-party allotment paid-in capital increase worth 10 billion KRW and approximately 10 billion KRW in privately placed convertible bonds to STI. The funds secured will be used as operating capital in the renewable energy sector.

This content was produced with the assistance of AI translation services.