Public Enterprises United to Promote the Spread of Renewable Energy

K-water and Korea Southern Power to Jointly Develop Floating Solar Power
KHNP to Promote Wind Power Plant Construction in Yangyang with Private Companies

(Photo)

[Sejong=Asia Economy Reporter Joo Sang-don] To expand the spread of renewable energy, cooperation is being strengthened between public institutions and between public and private enterprises. Korea Water Resources Corporation (K-water) will jointly develop floating solar power projects with Korea Southern Power (KOSPO), while Korea Hydro & Nuclear Power (KHNP) plans to promote the construction of wind power plants with specialized wind power companies.

On the 16th, K-water and KOSPO signed a 'Renewable Energy Joint Development Memorandum of Understanding (MOU)' at K-water's headquarters in Daedeok-gu, Daejeon, aiming to achieve carbon neutrality by 2050.

The main contents of this agreement, aimed at accelerating the spread of renewable energy using water resources, include △ cooperation in developing floating solar power projects and fuel cell power generation linked to green hydrogen △ collaboration on overseas projects related to renewable energy and the establishment of RE100 (Renewable Energy 100%) industrial complexes △ technology exchange related to renewable energy such as floating solar power.

K-water and KOSPO plan to start with the joint development of floating solar power by selecting pilot project sites at domestic multipurpose dams, and aim to realize carbon neutrality through green hydrogen production linked to renewable energy and the establishment of RE100 industrial complexes.

On the same day, KHNP signed an MOU with Hanwha Construction, EcoGreen Wind Power, and The Win Energy to cooperate on the construction of wind power plants totaling 300 MW in Yangyang and Yeongwol counties, Gangwon Province. Accordingly, three wind power complexes will be developed in the Gangwon region, including the 90 MW Yangyang Suri Wind Power, and a 60 MW wind power complex will be established in Yeongwol with Hanwha Construction and The Win Energy. Through this MOU, KHNP will be responsible for equity investment, project management, and purchasing Renewable Energy Certificates (REC).

For the Yangyang Suri Wind Power project, existing roads will be used to open access roads, and environmental impacts on the ecosystem will be minimized by utilizing thinning areas designated by the Korea Forest Service. Construction is scheduled to begin in the first half of next year and be completed in 2024. Once completed, the project is expected to produce 236 GWh of electricity annually, supplying power to a total of 65,000 households. Jeong Jae-hoon, CEO of KHNP, stated, "We will contribute to leading a carbon-neutral society through ESG (Environmental, Social, and Governance) management based on eco-friendly energy in the future."