In the tranquil setting of Suwon-ri, on Jeju Island, a ground-breaking crowd-funded initiative is changing the renewable energy landscape. Root Energy Inc., a front-runner in Korea for socially-conscious energy solutions, has successfully crowdfunded an impressive KRW 20 billion (approximately $15 million) from local residents. This financial movement has propelled the Jeju Hallim Offshore Wind project into a shining example of government-backed resident participation – a national first for Korea.
A Gargantuan Green Endeavor
The Hallim Offshore Wind initiative stands as Korea’s most ambitious offshore wind project to date. With a fleet of 18 generators each boasting 5.56 MW, it promises a monumental 100 MW energy yield. Clocking in at an estimated KRW 630 billion (close to $470 million), the construction which commenced in January 2022 is on track for an October 2024 grand completion.
Record-Breaking Community Investment
Root Energy’s community-based crowdfunding approach has set a new benchmark, engaging over 667 residents who collectively invested north of KRW 20 billion. With an average personal investment of KRW 30 million, the initiative stands as Korea’s most substantial community investment feat to date. This crowning achievement paves the way for a new era where local communities take charge of the profits from proximate power plants.
Empowering the Local Voice
When faced with various methods for incorporating resident input, Root Energy deliberately chose the model that best empowered local voices. Suwon-ri’s vicinity to the burgeoning wind farm uniquely positions its residents to deliberate on sharing the benefits borne from the rising turbines that will soon form part of their horizon.
Residents Reaping Renewable Rewards
Engagement in this initiative offers the locals of Suwon-ri more than a warm glow of participation. Upon completion, they stand to gain a share of the profits from the sale of the generated electricity. But the benefits don’t stop at their wallets. With a proactive stance on profit distribution, the community aims to rejuvenate local commerce, bolster the sale of area-specific produce and birth the concept of horizontal village hotels – a tourism model reviving old towns with local charm.
A Pioneering Perspective from the CEO
Yoon Tae-hwan, CEO of Root Energy, stresses the significance of resident integration for the expansion of renewable energy, especially following Korea’s pledge to bolster its renewable capacity at COP28. By placing residents at the helm of renewable energy projects, the prospects for green development are not only enhanced but sustained.
Yoon further asserts that the Hallim Offshore Wind Power project exemplifies how resident-led initiatives can transcend traditional participation models, heralding a future of cooperative green development.
Root Energy’s B Corp Visionary Approach
As a proud B Corp, Root Energy’s ethos marries both environmental and social values. Their commitment to net-zero acceleration is executed through a multiplicity of channels, including stakeholder platforms and a plethora of local engagement mechanisms. Currently, they are shepherding more than 14GW of both offshore/onshore wind and solar power resident participation projects, poising themselves as leaders in harmonious local renewable energy solutions.
