Daehan Green Power Secures 30 Billion KRW Funding Through Major Shareholder's Additional Investment... "Boosting Renewable Energy Business"

[Asia Economy Reporter Yoo Hyun-seok] Daehan Green Power, an eco-friendly renewable energy specialist company, is actively promoting its renewable energy business with full support, including additional capital investment from its parent company Daehan Green Energy.

Daehan Green Power announced on the 29th that its largest shareholder, Cormon Partners, has completed the payment for a paid-in capital increase worth 10 billion KRW and convertible bonds (CB) worth 20 billion KRW, securing a total of 30 billion KRW in funds. Cormon Partners is a company wholly owned by Daehan Green Energy.

Through this paid-in capital increase, the largest shareholder Cormon Partners expanded its shareholding from the previous 11.8% to 17.7%. When adding the shares of Daehan Green Energy and Park Geun-sik, CEO of Daehan Green Power, who are special related parties of the largest shareholder, the total shareholding of the largest shareholder and related parties increases to 23.1%.

Daehan Green Energy secured management rights of Daehan Green Power in June by acquiring shares from the previous largest shareholder. In July, the CEO of Daehan Green Power was changed to Park Geun-sik, CEO of Daehan Green Energy, and the company name was changed from KRPN to Daehan Green Power, officially entering the renewable energy business focusing on solar and wind power generation.

Having secured funds through its parent company Daehan Green Energy, Daehan Green Power plans to expand the construction and operation business of wind and solar power generation complexes jointly with its parent company.

Daehan Green Energy, established in 2011, is a renewable energy specialist developer that handles all processes from planning, design, permits, installation, equity investment, project financing, ownership and operation of power plants, to maintenance, covering the entire lifecycle of power generation projects.

Daehan Green Energy is the leading domestic developer of wind and solar power generation, having grown through projects such as Yeonggwang Baeksu Wind Power, Hajang Wind Power in Samcheok, Gangwon Province, and Samsu Wind Power projects. It has led the development of the largest wind farm in Korea, a 140MW wind farm located in Yeonggwang, Jeollanam-do, and successfully completed the largest onshore and offshore combined wind power development, Yeonggwang Wind Power. Daehan Green Energy holds a 54% stake in Yeonggwang Wind Power Complex, maintaining its position as the largest shareholder.

Additionally, Daehan Green Energy developed the largest solar power plant in Korea (Gwangbaek Salt Field Solar Power Plant, 99MW), which is scheduled for a completion ceremony next month, and holds the largest stake in the complex, making it one of the most prominent companies in the domestic renewable energy industry.

Park Geun-sik, CEO of Daehan Green Power, stated, "For future power generation projects, Daehan Green Energy will be responsible for planning and construction of power complexes, while Daehan Green Power will handle procurement and supply of equipment, as well as operation and maintenance after completion. We plan to reorganize our business in this direction." He added, "As renewable energy investment is more active than ever due to the government’s Green New Deal policy, Daehan Green Energy and Daehan Green Power will take the lead in discovering and promoting large-scale renewable energy projects worthy of being called top-tier renewable energy developers in Korea, continuously growing as a company."