MOU Signed for Introduction of Renewable Power for Carbon Neutrality
Joint Promotion of "Direct Power Purchase Agreement" Project
Kolon Industries and GS Energy are jointly promoting a solar power-based direct power purchase agreement (PPA) project. GS Energy will install solar power facilities at Kolon Industries' factory, and Kolon Industries will take the lead in reducing greenhouse gas emissions as part of its carbon neutrality efforts.
On the 27th, Kolon Industries and GS Energy signed a "Memorandum of Understanding (MOU) for the Introduction of Renewable Power for Carbon Neutrality" at GS Energy's headquarters in Gangnam-gu, Seoul. Kolon Industries has been preparing the direct power purchase agreement project with GS Energy since the second half of last year. Key officials from both companies attended the signing ceremony, including Ki-hwan Kim, Executive Director of GS Energy's New Business Promotion Office, and Ki-chun Lee, Executive Director of Kolon Industries' ESG (Environment, Social, Governance) Management Center.
Kolon Industries ESG Center Head Executive Director Lee Ki-chun (right) and GS Energy New Business Promotion Office Head Executive Director Kim Ki-hwan (left) are signing a business agreement for carbon neutrality. (Photo by GS Energy)
GS Energy and Kolon Industries have been preparing the direct PPA project since the second half of last year. Through this agreement, Kolon Industries plans to install solar panels on idle land at its Gumi Plant 1 and receive approximately 5.26 million kWh of renewable energy annually from GS Energy. This is expected to reduce about 2,400 tons of greenhouse gas emissions each year.
The direct power purchase agreement project, which was fully implemented in 2022, is a system that allows power-consuming companies to purchase electricity directly from power producers. Companies aiming to achieve carbon neutrality can use this system to receive a stable supply of renewable energy over the long term.
Executive Director Ki-hwan Kim said, "The cooperation between the two companies will serve as a private-sector-led model for the expansion of renewable energy and the realization of carbon neutrality," adding, "We will continue to support various companies in achieving their eco-friendly strategies through customer-centered energy solutions."
Executive Director Ki-chun Lee stated, "This agreement is one of the action-oriented cooperation models to realize Kolon Industries' eco-friendly management," and added, "We will continuously increase the use of renewable energy to achieve the goal of zero greenhouse gas emissions by 2050."
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