Gwangjin Wintec Selected as Preferred Negotiator for Eco-Friendly Power Plant 'Ewell'... "Full-Scale Start of ESG Management"

[Asia Economy Reporter Jang Hyowon] Gwangjin Wintec, an automobile parts manufacturer, has completed governance improvement by successfully conducting a rights offering and is now embarking on full-scale ESG (Environmental, Social, and Governance) management by acquiring an eco-friendly power plant.

The company announced on the 9th that it signed an investment agreement for a merger and acquisition (M&A) with Iwell on the 3rd and was selected as the preferred bidder with the approval of the rehabilitation court.

Iwell, which is being acquired through a public competitive bidding process (Stalking Horse Bid), operates a Bio-SRF power plant located in Jeju Island and is currently under management approval by the rehabilitation court. Once the acquirer is selected, the rehabilitation will be completed, allowing the eco-friendly power plant to operate normally.

A company official stated, "This acquisition marks the beginning of ESG management to practice sustainable management," adding, "We plan to continuously invest in environmentally friendly and sustainable businesses through ESG management going forward."

The Jeju Bio-SRF power plant is an eco-friendly project that contributes to reducing fossil fuel use and supports the government's low-carbon green growth industry by cutting CO2 emissions. It is a resource circulation facility that converts waste into solid fuel, which is then combusted to recycle energy sources such as electricity and heat.

The company explained, "This power plant has a business structure that supplies generated electricity to Korea Electric Power Corporation, ensuring stable sales and profitability."