Hanyang, Korea Rural Community Corporation, and Others Sign Implementation Agreement for Saemangeum Floating Solar Power Generation

From the left, Hyunseok Cho, Executive Director of Shinseong ENG Co., Ltd., Injoong Kim, CEO of Hyojin Co., Ltd., Hanggi Kim, CEO of Hanyang Co., Ltd., Insik Kim, President of Korea Rural Community Corporation, Byungsuk Kim, CEO of Korea Western Power Co., Ltd., Jongmok Lee, CEO of Scotra Co., Ltd.

[Asia Economy Reporter Donghyun Choi] The consortium of Hanyang and Korea Western Power announced on the 22nd that it has signed an implementation agreement focused on mutual cooperation for the construction and operation of the 73.2MW Saemangeum floating solar power plant, together with Korea Rural Community Corporation and others.

According to this implementation agreement, the project operators including Hanyang and Korea Western Power will carry out overall project management such as design, construction, and financing, as well as compliance with the project plan proposed during the public offering. Korea Rural Community Corporation will provide the project site and support licensing tasks.

The Saemangeum floating solar power plant project is part of the Saemangeum Sunlight Sharing Project and involves constructing a 73.2MW floating solar power plant on agricultural life land sections 1-1 and 2, which are idle resources owned by Korea Rural Community Corporation, located in Eoeun-ri, Okgu-eup, Gunsan-si, Jeonbuk. The consortium formed by Hanyang, Korea Western Power, and six local companies was selected as the preferred negotiator on July 31. The total project scale is approximately 130 billion KRW (excluding VAT), with a goal to complete construction in 2022 and commence commercial operation in January 2023.

With this, Hanyang has expanded into the floating solar power sector following the completion and start of commercial operation of the largest onshore solar power plant in Korea. Recently, Hanyang completed and began commercial operation of the ‘Solar City Solar Power Plant’ in Haenam, Jeonnam, which features the largest domestic 98MW power generation facility, the world’s largest 306MWh energy storage system (ESS), and a solar garden.

Moreover, Hanyang’s ‘Northeast Asia Liquefied Natural Gas (LNG) Hub Terminal’ being constructed on Myodo Island in Yeosu-si, Jeonnam, received construction plan approval from the Ministry of Trade, Industry and Energy in March and recently completed the bonded area designation application for LNG trading business, preparing for groundbreaking.

Hanyang plans to establish the Northeast Asia LNG Hub Terminal, including a 200,000 KL LNG storage tank, as an energy hub in Northeast Asia capable of LNG storage, supply, and trading, accelerating its leap as a comprehensive energy specialist company encompassing renewables and gas.

A Hanyang official said, “We are pleased to contribute to the expansion of domestic renewable energy distribution and the achievement of government energy policy goals through this floating solar power project,” adding, “The consortium including Western Power, as well as local governments such as Jeonbuk Province, Gunsan City, and Gimje City, will actively cooperate to ensure that the Sunlight Sharing Project, which shares power generation profits with local residents and contributes to regional development, becomes a leading model for renewable energy generation.”