Agreement on 'RE100 Platform Establishment' with KDB and Jungbu Power
Partial Electricity Sales Revenue Paid as Rent to Companies
Hwaseong City in Gyeonggi Province will utilize building roofs within industrial complexes as renewable energy sources such as solar power. The business structure involves leasing company roofs to install and operate solar power generation facilities, with a portion of the electricity sales revenue paid as rent.
Jung Myung-geun (fifth from the left), Mayor of Hwaseong City, is pledging successful project implementation with participating companies at the 'RE100 Platform Construction Project' agreement ceremony. [Photo by Hwaseong City]
On the 23rd, Hwaseong City signed the 'RE100 Platform Establishment Project Agreement' with ▲Hwaseong Chamber of Commerce and Industry ▲Hwaseong Urban Corporation ▲Industrial Bank of Korea ▲Korea Midland Power ▲Green Harbor Asset Management.
According to the agreement, Korea Midland Power will lease roofs from companies located within the industrial complex to install and operate solar power generation facilities. Korea Midland Power will earn revenue by selling the generated electricity, and the companies will receive rent for leasing their roofs.
The Industrial Bank of Korea will play a role in fund formation for this project. The bank plans to support participating companies by providing loans with preferential interest rates.
The city expects this business model to partially replace electricity production in the industrial complex from existing fossil fuels with renewable energy sources such as solar power. In the mid to long term, if the number of participating companies increases, there is also the possibility of remodeling the existing industrial complex into an RE100 industrial complex.
Previously, Hwaseong City has been developing the 'H-Techno Valley General Industrial Complex' in the Yodang-ri area of Yanggam-myeon as the first RE100 industrial complex in Gyeonggi Province, fully self-supplying its required power with 100% renewable energy.
Jung Myung-geun, Mayor of Hwaseong City, said, "This RE100 platform establishment agreement will play an important role in realizing carbon neutrality in Hwaseong City," adding, "We will present the vision of an 'eco-friendly cultural city' in line with the launch of the special city next year."
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